Credit unions are for non-profit enterprises that serve a community-based people bound by their bond of association. Since a Syracuse credit union is a member-owned financial institution, being a member itself means you already are a saver. It’s profitability return to its members comes in the form of higher savings rates on deposits and lower fees.
To further help you decide, here are the benefits of opening a Syracuse credit union bank account:
- Customer Service
Federal credit unions such as Empower FCU and other Syracuse credit unions are financial institutions owned by the members they also serve. This guarantees everyone to receive a more personalized customer service. They also offer to counsel their members for a better understanding of complex matters, and their support can go above and beyond just meeting their members’ financial needs.
These are some of the member benefits when you have good standing in a credit union:
- Will: You can set up an appointment with one of their specialists if you wish to protect your assets for future generations. All meetings are kept confidential.
- Tax: You can set an appointment to discuss your current and future tax income, including your returns from the previous year. All meetings about tax review and planning are also kept confidential.
- Financial advice: A credit union’s financial professionals can help you with your investments, be it generating income from your assets, saving for retirement, retirement income assets, plans for college or your goal of leaving a legacy. Financial advising meetups are also kept confidential.
- Insurance: They offer a wide array of insurance products. Their offer covers the following: life insurance, asset protection, property insurance, accidental death and dismemberment, auto insurance, and homeowners insurance.
- CardValet: This is an app specially made to help you establish and follow your spending plan, which is also suitable for your business use. On top of that, it also has fraud protection and parental controls.
- Better Rates on Savings and Loans
Since a credit union caters to and is owned by its members, the profits usually are given back to them in the form of higher interest rates on the savings account.
Also, compared to banks, the interest rate or APR when you loan money from a credit union is relatively low. The credit restriction may still apply. It is noted as well that credit unions have less stringent regulations when it comes to member loans. This means that a member has a greater loan approval rate in taking loans from the credit union than from a bank.
Credit unions can also offer a variety of lending services. This includes online banking, which gives you 24/7 access to your loan information, payment, and payment history.
- More Services Offered
Credit unions may be a smaller financial institution compared to banks, but this does not hinder them from offering a variety of services aside from counseling and financial education. Syracuse credit unions may also have the following:
- Online services such as mobile banking apps, online bills payment, auto buying centers, personal finance managers, and eLibrary Documents.
- Mortgage loans
- Member business lending
- Home equity loans
- Health savings account
One of the factors that need to be looked into is the geographical footprint of your selected credit union for your banking needs. Some have limited branches available, which are compensated for through wider access on ATMs or reimbursement.
- Insured by the National Credit Union Administration
The National Credit Union Administration insures federal credit unions via the National Credit Union Share Insurance Fund. This means that each members’ deposit is protected with up to $250,000. This gives each member the confidence and security that banks also offer.
- Focuses on the Community
Members of a credit union often have the same interests, given that they are within the same geographic region or are involved in a common organization. This means that their focus mainly targets the similar need they have as consumers. This encourages members to come together in building better finances within their community. They bond to look out for each other and not to gain at the expense of each one.
There are still a few more benefits and advantages your credit union can offer. But before deciding to switch from your trusted bank, make sure you’ve already done your research. It’s not all the same with credit unions as some may offer certain services that others do not. Check their fees, rates, and location to determine which one suits your banking needs.