Tips for switching from banks to credit unions

Tips for Switching from Banks to Credit Unions

Credit unions across the nation are still seeing a large influx of consumers who are in search of better services and products not offered by traditional banks. Over 7,000 credit unions are reporting greater earnings and more memberships than ever before. If you are interested in switching over to a credit union, keep the following tips in mind.

Find a credit union that is right for you. Don’t walk into the first credit union you see, rather find out if which branch you’re eligible for. Credit unions serve members according to their specific associations like location, employment and even religious denomination.

Compare your old bank’s rates and fees to your new credit union ones. According to the Credit Union National Association, consumers save more than $6 billion in rates and lower fees yearly as members of a credit union. But, with such a competitive market stirring up, make sure your new financial institution of choice has the best rates in town.

Find out about free checking and debit. Most credit unions offer free checking and debit card programs with no monthly or annual fees. Find out if the one you’re interested in offers these perks so you can enjoy the full benefits of free services.

Make sure your new credit union has all the services and perks you need. As of recent, most credit unions offer the same services you would normally find at a bank. They provide things like access to a home equity line, mortgages, automobile loans and eve small business loans.

Think about location.  While credit unions are more sparse than traditional banks, most of these institutions do often form a network of shared branches for the convenience of its’ members. Man credit unions are even part of a nationwide ATM network.

Ask about federal deposit insurance. Almost all of the credit unions in the United States are federally insured (up to $250,000) by a fund administered by the National Credit Union Administration. For extra security, find out if your local credit union is a federally insured institute.

Find out about the electronic services offered. Check out your new credit union’s electronic banking services. They lead the way for direct payroll deposit services and offer various electronic services for the benefit of credit union members.

Ask for a switch or transition kit. Switching from a bank to a credit union isn’t as difficult as you may think. It’s virtually hassle free. Many credit unions offer packages of information with all the necessary tools to become a member and to make an easy transition.

Contact Us

For more information about our services and how to make the switch from bank to credit union, contact the financial professionals of Valley Federal Credit Union at the Brownsville location at 956.546.3108.