In the past, when one thought of managing personal finances, the only types of financial institutions that came to mind were banks. However, people are starting to think differently.
With rising interest rates and growing consumer mistrust of banks, people are turning to credit unions as their primary financial institutions. In fact, as per CUNA Mutual Group’s 2017 Credit Union Report, as of April in 2017, credit union memberships rose 4.8 percent faster than the 3.8 percent pace set as of April in 2016. This just goes to show that this trend is rising and is certainly here to stay.
What are community credit unions? They are not-for-profit financial cooperatives that serve their members and pay them dividends. Owned by the members themselves, they offer the same financial services as banks. But they do it with an honest smile and a dedication to the member’s financial well-being—not to some for-profit board of directors.
So if you’re wary of banks and are looking for an alternative, credit unions like InRoads may just be that. Here are seven benefits of joining InRoads.
Community credit unions want to make themselves available to as many people as possible, which is why most credit unions are incredibly easy to join. They started by only catering to specific groups of employees or unions but have now expanded to include whole communities of people.
Lower Fees, Better Rates
One of the biggest reasons to use a community credit union is the better interest rates they offer on auto loans, student loans, mortgages, and other loans. As credit unions don’t focus on making profits, they are able to offer attractive interest rates that benefit their members and allow them to earn more on their deposits.
Apart from better interest rates, credit unions also have fewer fees, which includes monthly service charges, transfer fees, overdraft fees, and more. As per Bankrate’s 2017 Credit Union Checking Survey, 84 percent of credit union checking accounts have no monthly maintenance fees—now that’s a lot of money saved!
So it’s safe to conclude a local community credit union lets you make more money with the lower fees and better interest rates they provide.
Commercial banks have strict rules and regulations. If you’re unable to abide by them, you’re likely to pay the price, no matter what your reasons. The same cannot be said about credit unions, as they are far more flexible when it comes to serving their members.
Whether it’s dealing with credit card debt or difficulty in applying for a loan, credit unions will try to find ways to work around your financial issues. Unlike banks, you won’t be issued an automatic response. Instead, your case will be looked at personally, and they’ll work with you to identify potential ways to accommodate your needs.
Joining a local community credit union doesn’t just make you their customer, it makes you a member or a part-owner. What does that mean? You get voting rights! This democratic way of working assures improved transparency and mutual trust.
Offer Personalized Customer Service
Credit unions are known to offer better and personalized customer service than banks. They are focused on their primary goal, which is to serve their members and, in the process, do everything they can to be truly member-centric in their approach.
As they cater to a smaller population, they are able to have one-on-one interactions, thereby offering personalized attention to all their members.
Support Your Community
Credit unions are meant to serve the local community. The money that is deposited is reinvested in the community and the profits are shared with the members. You never know how your membership might be helping someone start their own local business.
Hence, being part of a local community credit union is a noble deed because you are able to support local businesses, communities, and initiatives that wouldn’t have been possible otherwise.
It proves to be a win-win situation for both you and your community.
Who doesn’t love perks! Many credit unions offer additional perks to their members in the form of free workshops, discounts, cashback rewards, attractive rewards, exclusive discounts, and more.
If these benefits of using a local community credit union appeal to you, you should start looking for the right credit union suited to your needs.
Choosing a credit union is similar to choosing a bank—you need to do a good amount of research and look into factors such as rates, monthly fees, minimum requirements to become a member, number of branches, ATMs, insurance, and technological features. After all, you’re trusting them with your hard-earned money, and you need to be doubly sure that you’re putting it in the right hands.
If you live or work in Columbia, Clatsop, Cowlitz, Multnomah, or Washington Counties, InRoads Credit Union could be the perfect credit union for you and your family. You can also find your nearest credit union using a Credit Union Locator.
We care about your family, local business, and the whole community and are committed to offering you services to save you money and give you complete peace of mind. So join us today and experience the true meaning of people helping people.