Credit unions have recently become more popular, unlike traditional banks, mainly because of their lower interest rates on loans and transaction fees as discussed in the video. However, if you’re looking forward to choosing the right one for you, below are some factors that you should take into consideration.
1. Research
Truly, there will always be at least more than one credit union around your region. So, it’s prudent if you begin by researching those credit unions.
Take a keen look into their interest rates, fees, online banking options, services offered, and membership eligibility requirements.
2. Membership Eligibility
Ensure that you meet the membership criteria of the credit union you settled for. Note that some credit unions seem to have specific eligibility requirements, while others may appear to be absolute.
3. Services Offered
Services offered by credit unions tend to vary at points. As such, assess the range of services offered by the credit union, including savings accounts, loans, credit cards, and savings accounts.
4. Fee Structure
Fees are a sensitive area and have to be approached consciously. To do so, ensure you pay attention to the fee structure of the credit union, including account maintenance fees, overdraft fees, and ATM fees. A credit union with lower fees is your best shot.
5. Accessibility and Membership Satisfaction
For accessibility, consider a credit union with branches and ATMs that you can access at any time. Whereas, for membership satisfaction, dig into the reviews and testimonials from current members to gauge their overall satisfaction with the credit union’s customer service and experience with their products.
Settling for the right credit union can be a draining task, especially if you are bombarded with so many options. No doubt. However, if you follow the above tips, you are guaranteed two things: making an informed decision and choosing a credit union that meets your needs and preferences, like the federal credit union.
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