What Financial Services Do Credit Unions Offer?

If you’re looking for  financial   services , you may want to consider checking out what your credit union has to offer. Many credit unions today offer more than just a checking and savings account, they’ve expanded into upgraded  financial   services  tailored to meet many needs.

Credit unions are cooperative banking and  financial  companies. They are usually non-profit and cater to a particular group of people that work or live in the same place, for example. Credit unions are owned by the accountholders, who also participate in the management and direction of the company.

Today, credit unions offer more than just checking and savings accounts, although these low-cost basic accounts are the reason most people join. Most credit union savings accounts pay slightly more than their counterparts at for-profit banking institutions. Credit union checking accounts usually carry less restrictive requirements and lower fees than those at banks.

Credit unions have expanded into the realm of  financial   services  as well. Most offer loans for a variety of needs, including personal loans, automobile loans and mortgage loans. Interest rates are usually a bit lower than those at other commercial lenders, and sometimes their qualification requirements are easier to meet. Before shopping for a automobile, boat, motorcycle or home improvements, you may want to consider talking to your credit union. Shopping with a pre-approved, lower rate loan from your credit union increases your bargaining power and your buying power. Many credit unions can also write student loans and signature loans.

In addition to loans, many credit unions offer additional  financial   services . These include dividend bearing checking accounts, which usually carry no fees and pay better interest than most bank’s savings accounts, and higher rate certificates of deposit. Most now offer low or no-fee access to automated teller machines and debit cards that can be used almost anywhere. Credit cards are also available at most credit unions, with discounted fees and more reasonable interest rates making them more attractive than national offerings.

Other  financial   services  that you can expect to find at your credit union include stock brokerage  services , mutual funds and personal  financial  planning. Some are even offering individual retirement accounts and insurance coverage. Of course, choosing someone to help with your  financial  planning is an important decision, but consider the helpful folks at the credit union when you are investigating your options. You may find that not only are their fees lower, but they offer many of the same types of products as other  financial  planners.

Credit unions offer many  financial   services  today, and there is one out there for almost anyone. Check your local phone directory or online and you’ll most likely find one that you’ll qualify for. Since today’s credit unions are federally insured up to $100,000 by the National Credit Union Administration, your deposits are safe. When you start looking for  financial   services , consider your credit union as well. You’ll be surprised at what they have to offer today.

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