Ditch Your Bank, Join a Credit Union!
Tired of paying bank fees on everything from ATM withdrawals to monthly account maintenance? Want to be earning a better interest rate on your savings account? It might be time to consider switching to a credit union.
Why a Credit Union?
Whether it’s high fees, poor customer service, or long lines, people are fed up with banks! Since credit unions offer the same options as banks – checking accounts, home and auto loans, and even credit cards – they may seem very similar or even identical. However, the main difference between banks and credit unions is ownership. Banks are for-profit, usually public, and full of board members and shareholders. Credit unions are nonprofit, usually small and local, and run by member-owners who are usually unpaid and elected by vote.
While ownership and shareholders may not be on the top of your list of reasons to switch to a credit union, it matters! The operational costs that are saved by running a financial institution with a volunteer Board and no stockholders is passed back to the members of the credit union by providing better yields on savings accounts, competitive rates on loans, and fewer and lower fees charged to its members.
Making the Switch:
But before you go out and transfer your money to a credit union, check out these tips from the Credit Union National Association:
- Compare credit union rates and fees to those of banks. The Credit Union National Association estimates that consumers annually save more than $6 billion in better rates and lower fees by using credit unions rather than banks.
- Ask about free checking and debit. About 80 percent of credit unions still offer free checking, and more than 70 percent have debit card programs, typically with no fees, according to the Credit Union National Association.
- Check if the credit union has all the products you are looking for. These days many credit unions offer most of the same services and products you'd find at a bank -- mortgages, credit cards, IRAs, home equity lines, even small business loans.
- Consider the convenience factor. Credit unions have fewer branches, but today thousands of credit unions share their branch facilities, so that members of one credit union can use the shared branch networks of other credit unions. And today many credit unions are part of nationwide ATM networks.
About Palisades CU
At Palisades CU, we don’t have customers, we have members. That means we’re all in this together, and when one member does well, we all share the benefits. If you are interested in making the switch to a credit union, we encourage you to learn more about us and what we have to offer to Rockland County, New York and Bergen County, New Jersey residents!
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