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Summit Fcu
Credit Unions - A Friendly Alternative To High-Street Finance
Credit Unions are mutual, co-operative societies which are governed by a volunteer Board of directors elected each year from the membership. Getting a loan is easier than you think. If you belong to a labor union or are affiliated with a large employer, organization or residential community you might be interested in joining a credit union.
This aspect of credit unions is particularly appealing given the increasing alienation many consumers are feeling from mega banks. Historically, credit unions served the employees of one particular company or the members of a specific occupation. 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
ATMs that belong to credit unions can easily be detected because there is a logo of the credit union at the back of the machine. Credit Unions are financial co-operatives owned and controlled by their members. The very purpose of the establishment of a credit union is to offer loans to its members whenever they need.
The credit unions gain more ground in the competition against the mega-banks of the country. All money management options of the Navy Federal Credit Union come with a free Visa Check Card with worldwide ATM access, free and unlimited access to Navy Federal ATMs, 24/7 online account access via the Navy Federal Credit Union Website, unlimited and free transactions through over 20,000 CO-OP Network ATMs and a variety of options. This is done through the lower loan rates, fewer fees, added or improved services and so on. The Navy Federal Credit Union offers free debit card products like the Navy Federal’s CUCARD® and Visa® Check Card. Interest payments for some loans from credit unions are tax deductible.
There is no need to shop around for a car loan or to ask the car dealer to offer the car on hire purchase since you can always take out a loan from your credit union.
Some major credit unions are now starting to offer the same services as mainstream financial institutions like cheque accounts, credit cards. Because credit unions are democratic, member-owned cooperatives, every member, regardless of account size, has a voice in governance. 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?
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