We then began really looking into the benefits of the credit union and here is what we discovered:
- No debit overdrafting - if you don't have the funds in your account, your purchase is denied (without having to submit a special request)
- On average, they have better rates and lower fees.
- As not-for-profits, they have lower costs and pass the savings along to members
- Every member is an owner; there is no question whose interests are being served.
- Years ago, the online services were not that great; however, today, our credit union has amazing online options (web bill pay, online deposits, mobile apps, etc.)
- With the CU network, there are multiple ATMs across the nation (that do not charge fees).
These are just a few of the benefits of using a credit union. For money saving we have calculated that the credit union actually costs us about half of what it would cost us to use a bank for the same services.
For more information on credit unions check out this web site: http://www.creditunion.coop/