Credit unions have long earned their members' trust and continue to work directly for those using the financial services offered at such institutions. Many Americans turn to credit unions for their check processing needs and have developed a strong relationship with their institution that handles their accounts. With that said, there is still a lot the public can learn about credit unions.
Because credit unions are nonprofit organizations that are owned by and work directly for their members, there are a lot of opportunities for those using their benefits to invest in the future and save a significant amount of money while doing so. Here are three major benefits that can make members' experiences worthwhile:
1. Loan options
Loan financing is a big part of how many people make larger purchases today. Loans are a great way to establish credit, invest in life-changing assets and put hard-earned money to work. A report from Los Angeles ABC affiliate KABC said many don't think credit unions offer as many loan options, however, this is quite the opposite as they are flexible in offering the services members need to make a loan feasible.
2. Budgetary planning features
Credit unions ensure members make good use of their money - including their spare change. From offering college scholarships to giving product discounts, such institutions allow members to invest in not only the daily essentials but reward achievements and encourage people to move forward with their ambitions. Offering technology such as self-service coin machines to count and deposit every bit of loose change can start members off on the right track.
3. Savings programs
In a similar manner, credit unions can give value to the smallest amounts of cash and checks by offering useful savings programs. Depositing checks and spare change can often be the first step to starting a life-long savings account and credit unions can make that happen.
August 27, 2013