When it comes to choosing a credit union, you may be on the fence regarding how to move forward as well as whether or not this is the best idea.
Since there is no denying the importance of choosing the right financial institution for your money, this is not a decision you want to take lightly. You don’t want to simply choose a credit union or bank on a whim, hoping you make the right choice and that things work out in the long run.
Reasons to Choose a Credit Union
Before we get into the finer detail of how to choose a credit union, let’s consider why this is a good idea:
- Get the same service as a local bank with fewer fees and lower rates
- More personalized customer service
- Support a financial institution that cares about the local economy as much as you
Advice from a Top Credit Union
Although I have done business with credit unions in the past, I don’t have nearly as much experience and knowledge as many others.
For this reason, I reached out to Park City Credit Union, one of the top financial institutions in Northern Wisconsin, to get their thoughts on what it takes to choose the right credit union.
You can trust the information and advice from this organization, being that they have been in business since 1938 and currently have four locations throughout the area.
When asked what people should consider when choosing a credit union, here is what the team at Park City Credit Union had to say:
“We believe that for the most part, most people expect banks and credit unions to offer similar products, competitive rates, etc. Choose your financial institution based on the way they treat you, the relationship you build with them, and financial literacy programs they may offer.”
Takeaways from this Advice
While that quote may not seem like much, when you break it down into smaller sections you begin to see where you should be focusing your attention:
1. Expect a credit union to offer the same products, rates, and services as a local bank. If they are unable to do so, it may be time for you to consider another option.
2. Choose your financial institution based on the way they treat you. This goes along with receiving better customer service from credit unions. This may not always be the case, but since most credit unions are “local” they go above and beyond to provide high quality, personalized service. This will make you feel good about what you are doing with your money.
3. Financial literacy programs are a big deal. Do you have questions about your finances? Are you looking for some professional advice? Do you need tools to improve your situation? When you have a relationship with a credit union you will likely have access to financial literacy programs that can help you better understand your finances.
For example, Park City Credit Union offers the following programs:
- BudgetSmart – a software program that helps you better manage your money
- GreenPath – a financial management program allowing you to get personal answers to your every question
- CheckRight – an online module helping members learn how to manage their checking account
If choosing a credit union is something you have been shying away from, you should now feel more comfortable making a final decision.
This information and advice, including the tips from Park City Credit Union, will go a long way in helping you choose a credit union that will improve your financial situation from day one.