Years ago my mother opened up a checking and savings account for my siblings and me at one of our local credit unions. When she did that I had no idea what a credit union was. Now, in my early 30’s I am glad that she took the time to do that. My credit union has been great to me over the years. I’ve had a couple of accounts with major banks over the years and can honestly say that my whole banking experience has been remarkably better at the credit union. Today I would like to share with you why I like my credit union.
The first reason why I like my credit union is because they treat me like a real person, not just another customer. From my experiences the tellers in the credit union seem to value their customers a little more than tellers in banks do. They also seem to go the extra mile a little more as well.
The 2nd reason why I like my credit union is because they are not constantly trying to sell you things or get you to open up another account. I typically go to my credit union twice a month. They have never asked me to sign up for a credit card or a loan. It feels good to go into a financial institution and not be bombarded with questions. I have a credit card with one of the major banks. I go to one of their branches every once in a while to make a payment. Every time that I am there the teller asks me to open a checking or savings account with them. Every time I tell them no!
After working as a bank teller for nearly 2 years I understand that the more you sell the higher your bonus will be, but some tellers go overboard. One of the reasons I stopped working in the bank was because of the excessive selling. I couldn’t justify trying to get someone who had a negative in their savings account and $2 in their checking account to open up a credit card. By the looks of the first two accounts, they are already struggling. A credit card for them would only make things worse.
The next reason I like my credit union is because their fees are not as high. When I was younger I over drafted on my credit union and major bank (when I had one) checking accounts a few times. The overdraft fee that my credit union charged me was $15. The major bank charged $35. That’s a $20 difference. Something else that irked me was that my major bank tried to charge a fee each month if I didn’t have a certain amount in there. I closed that account after they told me they couldn’t waive the fee. I now have accounts with 2 different credit unions. They don’t charge any crazy fees at all.
The 3rd reason that I like my credit union is that I have received better interest rates on products from there in the past. I’ve had two car loans in my life. Once was from a major bank and the other was with my credit union. The interest was lower on the loan from the credit union.
The final reason that I like my credit union is because they have different events throughout the year. They have a couple customer appreciation days. They also have educational workshops on money from time to time. Lastly, they have good used car sales.
Do you use the credit union?