Credit Unions – A Cheaper, Friendlier Alternative to Banks

Raleigh, North Carolina, new homeowners and Jennifer John Hall was a wise decision: Instead of choosing a risky mortgage scheme by a bank – a decision that is disaster for so many of their contemporaries did, a couple for a loan through the North Carolina State Employees Credit Union Application''(SECU).

The two have done their homework, and found that it makes more sense to purchase a non-profit financial cooperative work of its first residential property. Apart fromlower fees and costs of closing, the other didn''t have anything SECU: a credit-union employees sat down with the couple to explain the advantages and disadvantages of different mortgage options. As Credit Union employees are non-commissioned officers, there was no pressure, so see the couple at the Credit Union as a trusted advisor.

"There are so many young people who don''t recognize the advantage that I have with a co-op," says John, who believes that all can benefit North Carolina to think about non-profit cooperatives, financial assistance to other financial institutions in check by the citizens remain competitive rates and fees into account. "As a member can make a huge difference in your financial situation!"

You Belong

Are you frustrated with your bank? You can be endless tired of paying fees, high interest rates and receiving poor customer service. And given the current financial crisis, you may find yourself among those with good> Credit experiencing difficulty in a car or home loans, the result of tightened lending standards by banks, the industry's own.

Luckily, you have options.

Credit unions offer a fresh alternative to the commercial banks and provides the same types of services. As a credit union member, you can open an audit or a savings account, purchase a certificate of deposit and a loan. Some credit unions may even help to invest for your retirement, or takeFinancial planning courses, before you buy your first home.

Credit Unions are cooperatives, (by the members of depositors), the one thing in common, such as where they work, live, or to the church belongs. Since credit unions to be lower and provide a select group of people, you can expect a personal relationship between staff and members.

Unlike commercial banks that generate profits for owners and outside shareholders, credit –Unions channel profits back to members in the form of lower fees, better interest rates and higher dividends. According to the American Banker / Gallup survey, credit unions consistently rank high among consumers for the service and customer satisfaction in every year since 1983.

Keep your money safe

Credit unions have shown as a safe haven for consumers. Since credit unions, the risky loans and investments, the exotic down so many banks have avoided, they remain to know relatively unaffected by the recent financial crisis, credit union members peace of mind, is their money safe.

Credit unions are financially sound, because they stuck to conservative banking practices, as required down payments and income test on mortgage loans. While many banks chasing ever more exotic ways to make money, credit unions, put the basics.

Many people are implementing their money into the hands of a suspicious> Credit Union because they believe that the Credit Union isn''t FDIC insured. Nothing could be further from the truth. Like banks and savings banks, cooperative banks are insured deposits up to 250,000 dollars from the federal government, ie the same level of protection of investor assets, like any bank.

Credit Unions Still Lending

Commercial banks have curtailed lending recently, even people with good credit. The result is that manyConsumers have problems back home and auto loans through tighter lending standards.

This is not the case for credit unions, the provision of loans for people with good credit still. Are, in fact, credit unions are experiencing higher than consumer lending to them again in greater numbers since the recent banking sector meltdown.

According to the CUNA credit unions took 36 percent more loans for small businesses in the firstHalf of 2008 than during the same period in 2007 to lend a reflection in part of the ability of credit unions to banks, while the horde of cash.

Now, as conventional banks avoid lending to even credit-worthy buyers, cooperative banks are ready for a much larger share of the traditional lending business to take – including homes, cars and small business loans.

Join a Credit Union Today!

Although even with the unions, hospitals, universities and other related majorEmployee groups, credit unions are increasingly open to the general public. There are also select employee groups "that provide credit union members, a network of affiliated companies.

You''ll find many reasons to participate in a credit union, including:

– In contrast to many commercial banks, credit unions still lending

– You have access to great products and services.

To be heard – to. Your vote counts – your Co-op really cares what you think.

–You''ll part of a values-based organization that puts profit ahead of people.

– Share in the economic success of the company.

– Contributing to a thriving economy.

– Invest in a business, the country is on its own and democratically controlled.

– Be part of a strong and proud tradition of co-operative.

– Help change the way business is conducted in the United States and around the world.

Since 2005, there are 9346 credit unions in the United States, themeans that almost every consumer is a credit union they are eligible to join.

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