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Midland Community Federal Credit Union
Credit Unions - A Friendly Alternative To High-Street Finance
Credit unions allow members to pool their savings, lend to one another, and have a voice in the governance in the organization. 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 are community-based financial cooperatives that are owned and controlled by members who are also shareholders.
If you are interested in joining one, but aren't sure just what the advantages are, here are few reasons why you might want to join. After all, you already trust them to look after your money and their current loan rates are good so why go anywhere else? As maximizing profits is not the key goal for a credit union, it tries to encourage its members to save regularly, to provide loans and financial assistance to its members at the lowest rates of interest possible, and to offer its members help and support, if required, in the management of their financial affairs
You can get a loan for the new bike you’ve been wanting or just a nice stereo system you’ve had your eye on. Members can receive cash-back rewards at various merchants. As a not for profit organization credit unions have a better tax structure than other institutions in the money markets.
By teaming up with each other, the credit unions will be able to expand their network and provide their members with more options for ATM transactions. The Navy Federal Credit Union offers free debit card products like the Navy Federal’s CUCARD® and Visa® Check Card. Because most of these banks are also small, they can also benefit greatly from becoming a member of a credit union league. The amount of monthly installments in case of loans offered by lenders may be smaller, but you will end up paying a larger amount of interest in the long run. Credit unions usually grant 100% of the car price so that you do not have to give anything from your pocket.
You can manage your money from share savings to your checking account.
Even if your credit rating is poor or non-existent, a credit union may be the right option for you. All members of the Navy Federal Credit Union can make loan payments, order checks, open certificates, apply for various loans, request stop payments, send e-messages and transfer money from other Navy Federal accounts. 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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