What Is Involved with Switching to a Bank to a Credit Union?
In today’s uncertain economic times, many people are reconsidering their loyalty to banks as their fees and interest rates continue to rise. Credit unions are great alternatives to banks , but many consumers are unaware of what to expect from such a switch. Read on to find out how you can benefit from enrolling with a credit union instead of a bank:
Banks engage in many high-risk activities such as bad-credit loans and trading, and these often result in failure. Because of this, banks are constantly looking for new ways to get their customers to cover these losses, including debit card charges , ATM and overdraft fees, and interest rates as high as 650% on some short-term loans. Credit unions, on the other hand, are not out to make money off of you. From them you can expect reasonable interest rates, minimal fees, and much more flexibility in negotiations.
Better Customer Service
Banks deal with huge numbers of customers per day, and unfortunately, many have yet to figure out how to maintain good customer service across such a wide network. Credit unions are much more tightly-knit, community-oriented, and compact. They do not have a shareholder board that they need to impress with consistently higher profits every quarter. This ensures that customers at credit unions will be treated to good service at all times.
Better Mortgage Terms
Banks have been very strict about their mortgage lending since the housing bubble burst and subsequent recession back in 2007 and 2008. Credit unions were less affected by the crisis, and continue to offer one coveted benefit that most banks will not even consider: waiving the 1% origination fee, which can lead to thousands of dollars in savings.
If you are considering switching from a bank to a reliable credit union , look no further than GCS Credit Union of O’Fallon. Our Switch Kit makes it easy to transfer your accounts and funds over to us and start reaping the benefits right away. Call (618) 797-7993 to speak with a member of our team.