Switching to a new bank can be a hassle. It takes time and effort to close an account at one institution and open a new one at another. The complicated process alone can be enough to make you avoid the idea altogether. But if you’re struggling with unnecessary fees and inconvenient banking, then it might be time for you to make the change and join a credit union.
Unfair Maintenance Fees
Your relationship with your banking institution began as a happy one, but after the first few months, you started to discover less money in your account. You aren’t sure where that $10 went, and you can’t fathom why it’s gone either. Some banks will charge customers for not making the right number of withdrawals per month, which is unfair for people who don’t use their checking accounts often.
You aren’t a big spender? Don’t get penalized for it. According to Bankrate, 76% of credit unions offer free checking, which is twice as much as the big banks. Overdraft fees are also lower, according to a 2015 Checking Account Survey. Credit union overdraft fees totaled $6 less than big banks.
The survey also found that most credit unions had no fees connected to debit card or point-of-sale transactions. Why choose an institution that’s constantly trying to make a profit from its customers? Credit unions are not-for-profit institutions, which means they are aren’t going to put corporate interests over the interests of its members.
Maybe you’re at a restaurant that only accepts cash and your bank is charging you a $3 – $5 fee for using an out-of-network ATM. Maybe you want to make a deposit and your bank only allows you to make withdrawals. If your ATM policies are becoming a nightmare, it might be time to join a credit union. Several credit unions reimburse customers for the fees they pay when using an ATM outside of their network. In fact, according to Bankrate, more than one-third of credit unions do not charge for out-of-network withdrawals.
How many times have you frustratingly struggled through an automated answering system with your bank’s customer service line? If you’re on hold for 20 minutes or in line for an hour at your bank’s closest location, it’s time to switch to a credit union. Credit unions are by the people and for the people. Since they are community-owned organizations, customer service representatives are much easier to reach.
Make the Change
If you’re having a hard time dealing with inconvenient fees and terrible customer service, it’s probably time for you to make a change. Valley Federal Credit Union makes things easy and convenient for all its members. With our Brownsville credit union, you aren’t a customer, you’re a shareholder, which means you have a say in the services we provide. Choose a financial institution that you can trust and has your best interests in mind, not theirs.