Since corporate banks have been in the news lately, more often in a bad light, more people have been opting to leave their long-time relationships with large banks for more democratic banking with credit unions.
With constantly changing monthly fees and uncertain account and loan rates, it’s no wonder credit unions are gaining more interest. There are some facts you should know about credit unions that might make you reconsider staying with your corporate bank.
- Though credit unions are less likely to have locations around every corner for a quick stop at the ATM, many belong to nationwide networks with ATM access that does not require a surcharge.
- This is the same with branches. Credit unions are often linked with a shared branch network that allows members to make transactions at other credit unions or banks that are under the same network.
- Credit unions require members to have a shared account, such as a savings account.
- When you apply and are approved for membership into a credit union, you are able to stay a member for the rest of your life, even if the initial criteria you met no longer applies.
- As we’ve mentioned, in order to open accounts with a credit union, you must meet certain criteria. The criteria vary for each credit union.
Now that you’ve learned more about credit unions, you’re welcome to ask Valley Federal Credit Union any other questions you may have. Call Harlingen’s credit union at (956) 546-3108.