If you are like a majority of Americans banking and finances can be a confusing and even stressful topic.
However, being financially literate is key to having a successful future and knowing you will be able to take care of you and your family’s needs.
One of the first steps in financial literacy is choosing a banking institution that will help you achieve your goals whether that be saving for a new home, buying a car, or retirement. A credit union like Palisades Credit Union, is different from a bank and can benefit you in a lot of ways.
With International Credit Union Day on October 19, we’d like to share with you how credit unions like Palisades CU, serve as catalysts to make different professions, personal choices and career paths real.
- Members Come First. Since credit unions are owned by the people they serve and each member has an account with the credit union, your financial security won’t be jeopardized to please stockholders. The board of directors at a credit union is elected by and from the credit union’s members and positions are voluntarily served. All of this means that any rules or changes made to credit union policy will benefit you, its member.
- Lower Fees. Most banks make money off fees like overdraft, ATM, and transfer fees. Credit unions can typically offer their members lower fess than banks since credit unions are not-for-profit financial cooperatives. Since they are not operating for profit the savings can be passed on to its members by lessening, or in some cases eliminating, certain fees, saving you money.
- Better Interest Rates. Since credit unions are not trying to make a profit they can once again pass the savings on to you, in the form of lower interest rates for things like home and auto loans, and higher savings rates. An auto loan at Palisades Credit Union can be as low as 2.49% APR*. Compare that to the 2017 national average for an auto loan at 4.21% APR*!
These are just some of the ways banking with a credit union can benefit you. Other benefits could include increased knowledge about banking since credit unions have a desire to educate their members or credit unions willing to work with you if you have poor credit or were otherwise unable to qualify for a loan. If you have any questions about how a credit union could benefit you and your family contact Palisades Credit Union today! We can answer any questions you may have, and have been serving Rockland County residents since 1941 and today have over $150 million in assets and 11,000 members.
Related Blog: Mortgages: Credit Unions vs. Banks
*APR=Annual Percentage Rate.
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