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Andrew Federal Credit Union
What is a credit union?
There are a lot of ways to get a loan through the military. The standard means of obtaining credit via banks has become so widespread that it is easy to believe there is no other option, but there may be an alternative in the form of the little known credit union movement. There’s a simple way to reduce the amount you spend each year on interest rates and fees and save thousands of dollars in the process, and that is to switch your banking business from a traditional bank to a credit union.
First of all, it is easier to obtain a loan from a credit union. The Navy Federal Credit Union, which has over 2.5 million members, is regulated by the largest credit union in United States, the NCUA (National Credit Union Administration). For your membership of your credit union, you gain access to lower rates on loans, higher rates on savings and lower fees.
You never know who may have a credit union already organized that fits your interests. The Navy Federal Credit Union was chartered around 1952 and serves the needs of close to 40,000 members worldwide. Credit Uniomsgenerally operate in areas where low incomes are common and offer savings and great value loans to customers.
Credit unions should offer its savers a good return on the money that is placed in the fund. As a member-owner of your credit union, you are entitled to vote on credit union business and elect new board members. You can manage your money from share savings to your checking account. Looking around can pay off in spades. What are the monthly and individual fees?
The Navy Federal Credit Union offers free debit card products like the Navy Federal’s CUCARD® and Visa® Check Card.
Compare the advantages and disadvantages of getting a car loan from a lender and a credit union. Even after your discharge from services or relocation you can still be a member of your credit union. You may become a shareholder faster than you thought.
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