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Alliance Credit Federal Maine Union
What is a credit union?
A credit union is a not for profit cooperative financial institution. Credit unions allow members to pool their savings, lend to one another, and have a voice in the governance in the organization. If you've been feeling like small potatoes at your bank lately, it's probably time to start looking at a credit union instead.
Since credit unions are non-profit organizations, they offer car loans at highly competitive interest rates. A Credit Union is a co-operative institution and as such it is able to set its own interest rates. Credit unions are similar to banks in that they offer many of the same services such as check and savings accounts as well as loans.
Credit unions also offer lower interest rates on credit cards and loans than banks. You never know who may have a credit union already organized that fits your interests. Because of this, credit unions welcome everybody from within the common bond regardless of income, employment status or age and also – and perhaps more crucially, regardless of your credit rating or if you are unable to save a regular amount.
If so, you may want to add these items to your comparison chart as well. The Navy Federal Credit Union offers free debit card products like the Navy Federal’s CUCARD® and Visa® Check Card. Credit unions are just as safe as banks to save money and have plenty of oversight to ensure that they are solvent. The CUCARD® has generous daily debit limits of up to $5,000, wherein you can withdraw $400 cash every day at any ATM. Talk to friends, family or coworkers, and ask them about any credit unions they have heard about, or have used themselves.
You can get free online account management for Navy Federal Credit Union members, with 24-hours worldwide access, you can view all your accounts online.
Once you become a member of the credit union you always remain a member - as long as you maintain an account. Some major credit unions are now starting to offer the same services as mainstream financial institutions like cheque accounts, credit cards. Not only are the rates low, but closing costs generally are much lower than those paid through a conventional lender.
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