Local but Not Small
Even when people know the benefits of using local credit union, they might have concerns about working with a “small” financial institution. However, today’s local credit unions are anything but limiting. They have a small town feel and give their members powerful banking power both when at home and away. There is no reason to sacrifice personal service for full service – with local credit unions you can have both.
Convenience
The most obvious reason is the convenience it provides. When you use one financial, you save time, which is a precious commodity. If you need to speak to a live representative, having all your accounts at one place will make those conversations easier. The bottom line: consolidated banking helps simplify your life.
Save Money
Credit unions offer the same services as do the big chain banks, and they can do it at a lower cost. The fees that are charged by credit unions are often much lower than big banks, and they tend to offer better interest rates on credit cards and savings accounts than the big banks do. Most people don’t know their local credit union also offers mortgages, typically at lower rates than other options. Over the course of a single year, you can save hundreds of dollars with great interest rates and lower fees on credit cards, mortgages, home equity lines, and other loans.
Earn Unique Rewards
Many financial institutions offer rewards for customers, but some financial institutions, especially those that are local and have community relationships, offer additional rewards such as local discounts and coupons, cell phone protections, prescription savings, and extended warranties. Credit unions typically have unique benefits of their own. Seek out a local credit union that has benefits that no other financial institution can offer like debit cards with rewards. These perks can quickly add up and put money back in your pocket.
Personalized Service
When you keep all your accounts at the same financial institution, you quickly become a valued customer, known by the people who work there. The credit union will have the chance to get to know you and your financial goals better. When it is easy to have a clear overview of your finances, it is easy for them to help you optimize them by providing the best products that fit your needs, such as a line of credit with a great interest rate. Knowing you are part of a close-knit group will help give you peace of mind that you and your money are taken care of.
Community Involvement & Local Economic Support
Local financial institutions are dedicated to the communities they serve. Credit unions often come together to support local causes and contribute to the betterment of the communities in whatever way they can. Using these institutions helps promote community togetherness and teamwork.
Your hometown credit union helps the local economy grow just as using other local businesses do. Helping your local economy means you are doing your part to create new jobs and help all business in the area thrive. Plus, there is a good chance that the small businesses in your community also use these local financial institutions. Using these financial institutions provides capital to invest in the small neighborhood businesses that you likely frequent.