Have you ever considered joining a credit union (CU)? These not-for-profit organizations are nothing like banks, placing the main focus on customers. By joining a CU, you aren’t just a member but one of the owners of the union. The benefits range from low-interest rates and non-fee ATMs to cashback and overage.
Customer experience is of greatest value to CU staff members, paying special attention to each individual deciding to become an account holder. When looking for a Columbus credit union, make sure it provided personal service and commitment to clients.
These are the main factors to consider when choosing a CU in Columbus.
Interest rates and fees
The inceptive factor to have in mind when selecting a credit union in Columbus is the type of interest rates and fees these not-for-profit organizations provide to borrowers. When compared to banks, CUs offer much lower interest rates on multiple types of loans such as personal, business, car, home equity loans, and mortgages.
In the course of loan approval, credit unions assist applicants in meeting the necessary requirements by using the down payments of other members. Also, their minimums and credit card rates are more budget-friendly in comparison to those offered by banks.
Eligibility criteria
Those interested in becoming credit union members in Columbus should consider the eligibility criteria of these organizations. For instance, you’re likely to obtain a membership if a member of your family is already a member of the CU you want to join. Your chances are also increased if the CU places its focus on your community. Interestingly, certain credit unions allow membership to individuals who are members of a church or a synagogue.
In case you meet the requirements imposed by the institution, the path to becoming a member is rather straightforward. You’ll only be obliged to provide proof of eligibility, personal information, as well as open an account by investing a minimum deposit. The price range of shares ranges between one and twenty-five dollars, depending on the institution. Read here about the status, global presence, stability, risks, and history of credit unions.
By getting a membership, you’ll be provided with numerous membership benefits such as access to no-fee ATMs, which is excellent when traveling. Also, you’ll be provided with cashback on every purchase you make by using one of their cards. Another benefit that banks would never provide to their clients is overage. Once CUs earn more money than the amount they need to cover their operational costs, the excess is divided to all members.
Customer service
Being non-profit organizations makes CUs more interested in customer satisfaction than profits. Whenever a person decides to join a credit union, he/she automatically becomes a partial owner of the organization. The staff members of these unions pay special attention to each individual joining the organization in order to make him/her feel welcome.
For example, after assessing the requirements of different individuals, the personnel designs special product offers for each member. Consequently, it comes as no surprise the fact that customers are more open and comfortable when talking to CU employees than bank representatives. Additionally, the ultimate goal of these unions is to help customers save money without considering their deposits and income.
Branch locations and ATMs
Many individuals are skeptical about the number of branch locations and ATMs provided to CU members due to their smaller size when compared to banks. Nevertheless, the majority of these organizations are participants in the CO-OP network, referring to the network consisted of a myriad of CUs, sharing their ATMs and branches.
As a result, individuals can make transactions at various branches, as well as use their ATMs free of charge. Besides providing access to non-fee ATMs, the largest part of these branches has express terminals at the disposal of clients round the clock. In case you can’t consult a teller in the course of regular business hours, you can always get served by one of the express terminals. See the following link, https://www.investopedia.com/credit-unions-vs-banks-4590218, to learn about the difference between credit unions and banks.
Conclusion
When looking for personal service, switch from your bank to a CU.
You won’t regret the decision!
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