|
First Citizens Federal Credit Union
Credit Unions - A Friendly Alternative To High-Street Finance
If you've been feeling like small potatoes at your bank lately, it's probably time to start looking at a credit union instead. Credit Unions are mutual, co-operative societies which are governed by a volunteer Board of directors elected each year from the membership. Credit unions are community-based financial cooperatives that are owned and controlled by members who are also shareholders.
How does a Credit Union differ from traditional financial institutions like banks and building societies? While it's certainly convenient to approach the bank for a loan, the process of applying for finance can be a rocky road and, at the end of it all, you might find that your income isn't enough to finance the repayments. The Navy Federal Credit Union has been helping many men and women for over 70 years.
Like all institutions the credit union needs to make a profit in order to pay staff wages, heat and light, mortgages, and so forth. Members can receive cash-back rewards at various merchants. Because credit unions' focus of attention is mainly on customer service, their interest rates are typically greater than what banks can offer and therefore all credit union members benefit.
Interest Rates are often better at credit unions compared to banks. 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. They don’t want you enrolled in any credit counseling or credit repair program. This holds true even for mortgage rates and equity loans. In many situations, the ability for a family to afford a car loan or mortgage is based upon a lower interest rates and a reduced amount of fees.
Because most of these banks are also small, they can also benefit greatly from becoming a member of a credit union league.
You may become a shareholder faster than you thought. All money borrowed from or saved with a credit union must be in the name of a member. When looking for finance, it is normally good practice to shop around the various resources available to get the best deal on personal loans.
|
