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Velocity Credit Union
Advantages of Using a Credit Union
A member of a credit union can deposit or withdraw the money from the credit union. Credit unions sole purpose is to serve their member-owners. Credit Unions are not for profit institutions.
After all, you already trust them to look after your money and their current loan rates are good so why go anywhere else? With a credit union loan, the insurance on a loan doesn't come out of the borrower's pocket Historically, credit unions served the employees of one particular company or the members of a specific occupation.
It should be noted that these institutions are not opened to everyone, but just those that are affiliated with the group that it serves. You can ask your employer to consider making the valuable benefit of credit union membership available. Most credit unions don't advertise too much .
While credit unions obviously offer accounts to save and check with, one of the biggest reasons to join are low cost loans. In many situations, the ability for a family to afford a car loan or mortgage is based upon a lower interest rates and a reduced amount of fees. In other words, you get higher interest rates on basic savings (share) accounts, interest-bearing checking accounts and CDs. There are still a number of smaller credit unions in existence so be sure to ask about the services offered before you join. The credit unions gain more ground in the competition against the mega-banks of the country.
Credit unions are just as safe as banks to save money and have plenty of oversight to ensure that they are solvent.
From credit cards to car loans, credit unions consistently offer lower rates, better terms and lower fees. Once you become a member of the credit union you always remain a member - as long as you maintain an account. When looking for finance, it is normally good practice to shop around the various resources available to get the best deal on personal loans.
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