3 Reasons Why Credit Unions Are Underrated
A few years ago, I switched to a local credit union after my local bank merged with a giant out of state rival. Since then, I’ve realized that credit unions are seriously underrated.
People Have Hated Big Banks for a Long Time…and already solved it
The fees, the forms, the stonewalling, the lack of any flexibility – these issues are as old as big banking itself. And thoughtful people started working on solving them like back in the 1800s. They came up with the credit union. The structure doesn’t solve all the issues of someone else holding your money, but wow does it solve most of the basic issues.
Credit Unions Seriously Are Smarter Over The Long Term
Those teaser & offers that big banks send? Yeah – they offer them because they know they’ll recoup them over time. And they know you won’t leave. Credit Unions have better rates and lower fees so that over several years, you absolutely come out ahead. Also, they keep small services around (like coin processing) that actually make day to day money management better.
Credit Unions Are Usually More Rooted In a Community
Even if you are a remote worker, your income and standard of living is directly tied to how strong your local economy is…even in the US. Geographically-based credit unions make more loans and work more closely with people and businesses who actually live in your area. So when they have a better deposit base, they can be more active (like in helping open a new restaurant or getting your neighbor a working car).
If you have negative feelings toward your bank…look into switching.
