More people are choosing credit unions according to a report by the National Credit Union Administration (NCUA). The report found that customer deposits are over $1 trillion with memberships at a steady increase. What is it about credit unions that make people more and more inclined to make the switch?
Caring About Their Customers
There’s a huge difference between big banks and credit unions, especially when considering where their priorities lie. As credit unions are not-for-profit institutions, they’re much more interested in helping the people they serve than making money. Credit unions are cooperatives owned and operated by its customers, which is why Valley Federal Credit Union has great customer service and flexible standards for borrowers seeking any kind of loan.
Keeping You in Mind
Credit unions typically offer higher interest rates which result in higher-yielding savings and checking. Because interest rates change frequently for big banks, finding one with good rates is very rare. According to the NCUA, savings accounts at credit unions yielded .13% on average in earnings, while banks earned .12%. Additionally, loan interest rates are often lower at credit unions. A 48-month car loan was 2.64% at a credit union as opposed to 4.78% at a big banking institution, according to the NCUA.
Free Checking Accounts
Free checking can be hard to come by these days when reviewing big bank offers, but the majority of credit unions offer a checking account at no extra cost. According to Bankrate, an aggregator of financial rate information, 76% of 50 large credit unions offered a free checking account to all members with overdraft fees still lower than those of large banks.
Start Your Membership Today
Valley Federal Credit Union isn’t just another financial institution. When choosing VFCU, you’ll have an organization whose sole purpose is to serve its members to the best of its ability. Give us a call to see if you qualify to be a member of VFCU in Brownsville and open your account today to start saving for your family’s future.