Banks are associated with stability, trust and long term security in the financial world. But due to various ups and downs in the banking sector, people are wondering whether it is a genuine and safe way of saving their money. So due to this reason, most of them are focusing on the credit unions to achieve financial security.
Credit unions offer a better option than banks in terms of saving your money. Del Norte Credit Union is a not-for-profit financial co-op in the New Mexico. It is a strong and stable credit union, which offers financial services to the people. The savings account which is opened here provides flexibility to the consumers in terms of using their funds when they require it.
Reasons For Giving Preference To The Credit Unions Than Banks
Offer Friendliness And Accessibility
The environment in the banks is very formal as compared to the credit unions. These are very friendly and are accessible easily. Since these are small in size, it becomes a simple job to connect with the same. The working members of a credit union are approachable and you feel comfortable to discuss your financial issues with them.
Credit Union Is Cooperative
These are financial cooperatives instead of a financial institution. The motive is not to collect money from the customers. But these focus on a common need through a joint venture. This is beneficial for the wellbeing of the customers.
Work In A Democratic Way
These are owned and run by the members. They make decisions in favor of their members and not for pleasing removed stockholders. These are formed by the people and for the benefit of the people.
Provide Better Rates
These provide a higher rate of interest on savings accounts and lower rates on loans than banks. The surplus money is given to the members in the form of services, low interest on loans and increased dividends on the deposits.
Provide Additional Perks And Benefits
Some of the credit unions give benefits to its members like health insurance etc. The main focus is on improving community life and improving financial education. Some of these offer free educational services in the community.
Thus the credit unions offer good financial services to its members. If you are fed up with the unresponsive behavior in the banks, choose the credit unions for fulfilling your financial needs. So select one which gives you the best services which you need.