How To Make the Most of Your Credit Union
Posted: February 1, 2021 in Credit Union Updates
If you're new to credit union membership, you probably already know about some of the benefits of opening an account. Credit unions usually offer benefits like little to no minimum balance on savings accounts and fewer minimum requirements for checking. There are also advantages to being involved with a local credit union for practically all your banking needs, even lifetime lending.
What Are the Benefits of a Credit Union for Everyday Banking?
Credit unions, large or small, typically offer the same products and services that a bank does. Credit unions are not-for-profit organizations that exist to serve their members. Because credit unions are focused on taking care of members and not making a profit, they can provide lower fees, higher savings rates, and lower lending rates. Most credit unions offer credit cards, online banking, and ATM services, allowing you to conduct your banking anytime, anywhere. Check out ProFed's Surcharge-Free ATM Nationwide Network to find ATMs near you.
Becoming a member of a credit union is easy. A $5 deposit opens your savings account and makes you a member-owner at ProFed. Credit unions throughout the country have similar membership requirements. Some credit unions reserve this membership to employer-based or member-based groups or a geographic population. At ProFed, if you live, work, worship, attend school, volunteer, or regularly conduct business in Adams, Allen, DeKalb, Huntington, LaGrange, Noble, Steuben, Wells, and Whitley counties, you are eligible to join, and so is your immediate family.
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Credit unions also have a long history of providing access to credit at rates traditional banks usually reserve for their best customers. Whether it be credit cards with exclusive member benefits or auto and recreational vehicle loan specials, credit unions are designed to provide you with a personalized experience and the best rate possible.
ProFed's lending team is available to provide personal service each time a member needs a loan. Our mortgage team makes the process of selling, buying, or building a home easy and affordable. Plus, ProFed will service your mortgage for the life of your loan.
Some credit union benefits are harder to quantify, but they make banking a lot easier when you need help or advice.
- Credit unions are in your community, they know you by name and provide friendly, personal service
- Membership makes you a member-owner, which means you share in the success of your credit union, with benefits that grow alongside your savings
If you've been looking for a personal banking experience to meet your financial needs, and you're tired of accounts with heavy fees for basic banking services, it's time to check out a local credit union, like ProFed. Credit unions are community-owned and community-focused, which means they prioritize the needs of their members first. You're invited to experience the credit union difference today.
Open your next account with ProFed Credit Union today for the best service in northeast Indiana.
Sources:
Epstein, Lita. “Credit Unions vs. Banks: 9 Ways to Decide Which Is Best for You.” Investopedia, Investopedia, 4 Apr. 2021, www.investopedia.com/credit-unions-vs-banks-4590218.
NerdWallet. “Best Banks and Credit Unions of 2021.” NerdWallet, 7 Jan. 2021, www.nerdwallet.com/article/banking/best-banks-and-credit-unions.
Williams, Geoff. “The Pros and Cons of a Credit Union Versus a Bank.” U.S. News & World Report, U.S. News & World Report, 2019, money.usnews.com/banking/articles/the-pros-and-cons-of-a-credit-union-versus-a-bank.
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