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California Pacific Federal Credit Union
Credit Unions - A Friendly Alternative To High-Street Finance
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. Credit unions sole purpose is to serve their member-owners. Credit unions offer special rates for loans that can be helpful to a borrower, and, consequently, they are very popular.
They offer financial services to members that are extremely similar to banks. First of all, it is easier to obtain a loan from a credit union. Since credit unions are non-profit organizations, they offer car loans at highly competitive interest rates.
If you are affiliated with a group that has a this type of financial facility, definitely look into the many products and services that a credit union can offer you. The very purpose of the establishment of a credit union is to offer loans to its members whenever they need. Members can receive cash-back rewards at various merchants.
In other words, you get higher interest rates on basic savings (share) accounts, interest-bearing checking accounts and CDs. Credit unions differ from banks in several respects. The CUCARD® has generous daily debit limits of up to $5,000, wherein you can withdraw $400 cash every day at any ATM. The credit unions gain more ground in the competition against the mega-banks of the country. This comes as a strong point in favor of the credit unions.
Apart from credit unions, the concept of a credit union league is also attractive for independent banks in the U.S.
Some major credit unions are now starting to offer the same services as mainstream financial institutions like cheque accounts, credit cards. For peace of mind, credit unions have to be registered and regulated by the Financial Services Authority, who also regulates banks, building societies and all other providers of financial services in Britain. Are any of the credit union locations close to your home? Work? On the way? Are there ATMs within walking distance? What are their hours of operation?
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