A Simple Plan: Finances

A Simple Plan: Finances

Great Tips for Identifying a Suitable Credit Union

Perhaps you have heard about the outstanding benefits of credit unions, and you are wondering how to join one. However, before you follow suit, you should determine the right credit union for you, and that calls for making several considerations. Most people confuse credit unions with banks, but they are non-profit making organizations formed to offer financial services to members. If you do not know how to identify the right credit union, here are some of the factors you should consider.

Charges – All credit unions are non-profit making institutions, and thus, their rates are low compared to those charge on banking services. For example, members of a credit union enjoy cheap loans and favorable saving rates. Even though credit unions generally have affordable rates and fees, you should compare the different credit unions to establish the most favorable one.

Consider the branches and ATMs available – Just like banks, credit unions have branches in different regions and ATMs. The primary purpose of having branches and ATMs is to take the services near the clients so that the access the services easily. For that reason, you should select a well-established credit union that has several branches and ATMs within your regions so that you do not travel far to get services.

Prioritize customer service – Most people check other factors but forget about assessing the customer service of a credit union. Before you opt for a credit union, you should test the competent and reliability of its customer service. Therefore, you should test the customer service of various credit unions by calling to make inquiries and gauge how they attend to you. It would be frustrating to join a credit union that does not respond to your concerns promptly. Take time to visit review websites to check the opinions of current and previous clients about the services of the credit union.

Technology – Your credit union should not lag in embracing technologies that provide excellent service to you. Technology has a significant impact on making financial decisions, and they are cost-effective. For instance, your credit union should have an application which clients can download on their phones and use to access vital services. Interestingly, software manufacturing companies are developing user-friendly software technologies that credit unions can use to enhance their service delivery.

A valid license – Numerous credit unions exist, and that makes it challenging to identify between genuine ones and the dishonest ones. To escape the trap of unscrupulous credit unions, request to check their licenses before you make any commitment.

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