Why Go Credit Union Over Bank?

News | July 2, 2018

Whether you’re looking for loans, budgeting help or any of our other credit union services, the pros at First Class American Credit Union are here to help. We can provide everything from simple financial advice up to great rates for auto and personal loans.

But, you may be thinking, a bank can provide me all these same services. Actually, this isn’t the case. Not only this, but many people have lost their trust in banks over the last decade given some of the more publicized areas of global finance. With that in mind, let’s look at some of the reasons why a credit union might be better for you than a bank.

Loan Rates and Options

Depending on your situation, it might be highly beneficial for you to go through a credit union for a loan. Recent reports from the NCUA revealed that credit unions and banks are often far apart when it comes to APR – credit unions generally were found to have lower monthly payments plus lower full amounts paid over the life of the same loan.

Rewards Checking

Most credit unions provide rewards checking, with rewards for incredibly simple elements. You often get perks just for using a debit card, rewards that show up in various avenues.

No Minimum Balances

Rewards checking accounts also generally come with no minimum balances, another big benefit of credit unions. Nearly every bank out there will involve minimum balance requirements on your account, and will actually charge you money if you don’t meet them – how does this make sense? With no such minimums at a credit union, you never worry about unexpected fees or maintaining a certain balance.

Protection from Identity Theft

Credit unions offer identity theft protection for free for all services. This is even the case if you don’t have a checking account.

Partnership Discounts

In plenty of cases, credit unions and other local businesses will partner to bring complementary benefits to clients. Things like event tickets, company vouchers, free meals and others are common areas found here.

For more on why a credit union might be better for you than a bank, or to learn about any of our other services, speak to the pros at First Class American Credit Union today.

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