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South Carolina Federal Credit Union
Is a credit union a better choice than a bank?
A credit union is a profit sharing, financial co-operative run democratically by the members of the union itself. Credit Unions are not for profit institutions. A credit union is a not for profit cooperative financial institution.
Initially credit unions were viewed as the lone savior for those who could not get credit or could not qualify for credit. 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. South Carolina Federal Credit Union A given credit union cannot lend all the money saved as loans to its members and cannot invest any residual money in any ventures above a certain level of risk.
Massachusetts was the first state to pass a credit union law. Credit Unions are financial co-operatives owned and controlled by their members. Many credit unions also pay ‘bonus’ dividends in especially good years.
But how do you decide which credit union is the best for you? This holds true even for mortgage rates and equity loans. If you are looking for something a little less involved there are several other options. Members can also use the Visa Check Card at any CO-OP Network and Navy Federal ATMs worldwide, without fees. To reduce the risk of bad investment and to ensure that all savers” money is not tied up for long periods of time, any money in the control of the credit union must be put into bank deposit accounts, government bonds or other reliable investments.
Some Credit Union Credit Cards offer amazing password protection as well as zero liability for fraudulent purchases online, in stores and by phone.
You may become a shareholder faster than you thought. Credit unions may not offer the range of services that you can get from your local bank so check to see what is on offer before you join. South Carolina Federal Credit Union Now look at what products and services you use on a regular basis.
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