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Suffolk Federal Credit Union
Credit Unions - A Friendly Alternative To High-Street Finance
Credit unions offer special rates for loans that can be helpful to a borrower, and, consequently, they are very popular. If you've been feeling like small potatoes at your bank lately, it's probably time to start looking at a credit union instead. The members of a credit union are its owners who put their own money to run it.
Money is lent to members who need it. How does a Credit Union differ from traditional financial institutions like banks and building societies? This way, customers are able to save a significant amount of money and time, especially if their banks' ATMs are not located in a convenient place.
Each year, your local credit union holds an annual election and meeting where members select candidates for the Board of Directors from among its members to represent them in setting the policies of the credit union. Look around your workplace there may already be a credit union catering to your every need. Look around your workplace there may already be a credit union catering to your every need.
The credit unions gain more ground in the competition against the mega-banks of the country. Paying into a credit union is also easy and can be done at local shops, convenient collection points, or can even be taken directly from your salary. No matter if you change jobs or retire from the Air Force or just move away, you could still join the credit union. 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. This is an additional benefit of taking advantage of a home equity loan.
However, bear in mind that if you can't find a deal to suit, or if the bank says 'no' it might be worthwhile having a chat with your local credit union - they might say 'yes'.
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? Although there is no fixed rule for all credit unions, generally you must have saved with them before any assistance is offered. Make a graph if you need to, so that you can easily and clearly see the advantages and disadvantages of each one.
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