by Dorothy Shah
As someone who's dealt with his or her bank for years, how long have you had your savings account, or have you recently applied for a mortgage? How has your bank helped you with this so far? If your bank hasn't been of much help, then perhaps joining a credit union is a wise move. There are actually many benefits, many of which you've probably never even heard about.
A bank, in case you aren't aware of this yet, is looking out for only one entity at the end of the day - themselves. It's a harsh reality, but it's perfectly understandable, as a bank is no different from any other business that's in it for the almighty dollar. So what's so great about a credit union? What is it exactly? A credit union is a non-profit organization that is there specifically for its members. A credit union is a union of people who take care of their own money. Everybody in a credit union can make decisions on behalf of the rest of the union, unlike banks, whose decisions are governed by the board of directors and the bank's stockholders - a pretty select bunch. Credit unions have their own board of directors elected by union members themselves. Sounds good, right?
A credit union offers many other perks to members, such as lower interest rates for those applying for any kind of loan, and higher payout rates if withdrawing from a savings account. A credit union member also gets a whole lot of perks for free, such as personalized services, credit cards and checking accounts.
People are very uptight these days about the security of their funds, and some of these people aren't too keen on credit unions. But just like banks, credit unions are required by law to have federal insurance, so you don't need to worry about your funds being in the wrong hands. If you still aren't sure whether joining a credit union is the right move, this may change your mind on things.
Now it's time to ask yourself a few more questions. What other corporations do you spend your money at? Most would mention places like the grocery, or local shops or the neighborhood mall. Once you start saving your money wisely, try spending your money wisely, too. Everything you do can become more frugal and help you in life. Learn to shop around. Do your research on which credit unions offer the lowest interest rates and the highest interest payouts. - 41115
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New Unique Article!
Title: Why You Should Leave Your Bank And Join A Credit Union
Author: Dorothy Shah
Email: uaw@commercepublishing.com
Keywords: Credit,Banking,Finance,Business and Finance
Word Count: 417
Category: Finance:Credit
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