Quick question: are you happy with your bank? There’s a big chance the answer is a resounding no.
Studies show just 23 percent of people are satisfied with their bank – leaving the majority of people disappointed by their financial institution. If your bank regularly falls short of your expectations, it’s time to research a banking alternative like a credit union.
Here are three reasons why you should join a credit union.
1. It’s more affordable
It’s not always easy banking with a major commercial bank. Between monthly fees, high rates on loans, and minimum balance requirements, it can cost you a fortune to perform everyday banking tasks.
If you’re tired of paying out of pocket to manage your money, a credit union may be a cheaper alternative. They often provide no-fee accounts that don’t require you to keep a monthly balance.
They also offer loans and other financing options with lower rates.
2. It pays to be a member
A credit union is a not-for-profit financial organization owned by its members. That’s right, members – not customers. People who bank with a credit union are considered members.
As a member, you’re also a shareholder. Credit unions take a local, cooperative approach to banking that benefits its shareholders.
This mean they aren’t operating to line the pockets of a small group of stakeholders. Instead, the profits go into the services and products a credit union offers, including better interest rates on deposits.
It also literally pays to be a member. A credit union shares its dividends with its members, and the money arrives as a cheque every year.
3. Personalized services
As a rule, credit unions offer a people-based financial solution. While commercial banks often see their customers as numbers, credit unions see individual members with unique needs and interests.
This is a huge benefit if you need more than just the typical chequing account. Although a credit union provides everything you would expect from a commercial bank, they go beyond to offer personalized services that benefit their community.
It depends on your credit union’s demographic. Some have dedicated business banking teams for the urban entrepreneur. Others offer counselling for dairy and cattle farmers, along with equipment loans, construction loans, and property mortgages.
If you’re curious about credit unions, you can see what Chinook Financial has to offer in terms of personalized and daily banking services.
The typical credit union exists to serve its community, and they do that by focusing on what makes their members happy. With affordable products, earning opportunities, and specialized services, credit unions make an appealing alternative to traditional banks.
To find a local credit union, check to see if your employer or union has one. In some cases, a credit union requires its members to share something in common, like a career, but it can extend to other things like location or faith.
Nowadays, there are fewer restrictions, so it’s easy even if you’re a member of the general public. If you’re fed up with your bank, do some research to see if making the switch is right for you.