A Second Look At Credit Services

2007-03-08 10:33:40

( Financial )



Big and small credit unions alike are slowly getting up to speed with the products and services currently offered by banks. Credit unions, besides offering debt consolidation services, offer an equally wide range of products and services up until a couple of years ago can only be found in banks.

From your point of view as a consumer, credit unions are more favorable to you than a bank. A credit union pays higher yields on deposits and they also offer significantly lower rates in loans. These organizations are able to do so because they are non profit organizations. They are there to benefit the consumer. However, the number of similarities between credit unions and banks are growing and growing. Similarities are mostly in credit services and products.

Credit unions used to only offer share draft accounts. Nowadays, you can walk into your local credit union and you can get a savings or even a checking account. You can take out a personal or an auto loan with competitive rates.

One big similarity is that credit unions now have ATM machine networks that do not have surcharge. This is only one of the credit services credit unions competitively offer their customers. Their credit services are also now available to a growing community membership. Any resident of a particular community can apply for membership.

Credit unions are also practicing shared-branching. As long as there is a cooperative agreement between your local credit union and other similar organizations anywhere in the country, you can avail of their credit services as if it were your own local branch.

So before you approach a bank when opening a savings or checking account, you may want to approach your local consumer-friendly credit union. They may offer the best deals and aid you in your financial future.


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