As more people are turning their attention to Colorado’s credit unions, it is now more than necessary to explain why. Of course, credit unions are beneficial, but many people may not have an idea of the extent beyond that statement. To which they can actually benefit from them. Here are a few examples of such benefits:
- Lower fees: We know how high an amount that banks charge on financial transactions. In fact, banks make huge sums yearly from e fees they impose, and this is why credit unions are better. For example, they do not usually charge monthly maintenance fees or loan origination fees as banks do. Credit unions also do not charge ATM fees except in unusual circumstances. Finally, transfer fees are much lower than banks’. All these mean that their customers can save more money while spending less on fees.
- Higher interest rates: The credit unions in Colorado are examples of how credit unions around the country are helping customers earn more. With higher saving rates and lower interest rates than banks, customers have more chances of earning good returns on their money. The simple reason for this is that credit unions are not focused on making profits but on serving members thoroughly while covering basic costs.
- More empathy: Although business is business, credit unions still show more empathy than most other financial institutions. How? When it comes to working with a bad credit rating, thee credit unions are more willing to listen and find the best way out. Local banks might say a firm no, and that is it, but applying in person at a credit union may give customers the chance to really explain things and get some help with loan applications.
- Financial education: Since financial independence is the goal of credit unions, they regularly organize free education in the form of seminars, talks, and workshops. These are geared towards helping the customers understand more about money and credit matters and how to effectively plan their finance.
- Community presence: Credit unions in Colorado show a great example of how credit unions can make their presence felt in the larger community. From awarding grants and scholarships to deserving members or their wards to carrying out some charity works, these unions contribute a lot to the development of communities they are present in.
Doing your research before joining any credit union is the best way to go when it comes to finding a suitable financial institution.