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Health Services Credit Union
Advantages of Using a Credit Union
The popularity of credit unions grew and in the year 1934, there was a genuine need to give different credit unions an industry status. A credit union is a not-for-profit, cooperative financial institution that is owned and controlled by its members. There are many amazing benefits to being a member of the Navy Federal Credit Union.
The key to becoming a member of a credit union is what is known as the ‘common bond’. Today, most people have access to a credit union by virtue of where they live or work. Deposits are also federally insured with credit unions as they are with banks.
If a family or household member is eligible to join a credit union you may be eligible to join because of your relationship. Credit unions also offer lower interest rates on credit cards and loans than banks. Each Credit Union has a 'common bond' which determines who can join.
These Federal credit unions ensure that their members share accounts through the National Credit Union Share Insurance Fund (NCUSIF) for the security and safety of the credit union. There is really no way to gauge service than by either contacting the credit union, or walking in the door. There are still a number of smaller credit unions in existence so be sure to ask about the services offered before you join. This is done through the lower loan rates, fewer fees, added or improved services and so on. But how do you decide which credit union is the best for you?
For example, the loan amount can be funneled for the payment of medical bills, small household bills, credit card dues, education dues, etc.
A credit union can also help to revive the economy of a local area as more money stays within the community which has a knock on effect on income for local businesses. Small credit unions are able to generate a surprisingly high quantity of income and are comparable to banks in this regard. This structure is unlike the for-profit, public companies where stockholders vote according to the number of shares of stock they own.
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