I’m really tired of seeing my money disappear before my eyes. I feel like I’m on crazy pills! One minute my money’s there, the next minute, I paid for something I forgot existed or something I didn’t KNOW existed. I’m also tired of signing up for “rewards” that I don’t seem to be reaping. BUTTTTTT…if you plan on doing the same, which I would BEHOOVE you to do. Please follow these nine tips from Credit Union National Association:
Find a credit union you’re eligible to join. Credit unions serve people according to where they work, where they live or worship, or other associations they might belong to.
Use these tools to find a credit union. These sites — www.aSmarterChoice.org and www.CULookup.com — help you find out what you need to know.
Compare credit union rates and fees to those of banks. The Credit Union National Association estimates that consumers annually save more than $6 billion in better rates and lower fees by using a credit unions rather than banks.
Ask about free checking and debit. About 80 percent of credit unions still offer free checking, and more than 70 percent have debit card programs, typically with no fees, according to the Credit Union National Association.
Check if the credit union has all the products you’re looking for. These days many credit unions offer most of the same services and products you’d find at a bank — mortgages, credit cards, IRAs, home equity lines, even small business loans.
Consider the convenience factor. Credit unions have fewer branches, but today thousands of credit unions share their branch facilities, so that members of one credit union can use the shared branch networks of other credit unions. And today many credit unions are part of nationwide ATM networks.
Ask about deposit insurance. Nearly all of the 7,500 credit unions in the U.S. are federally insured, meaning their deposits are insured up to $250,000 by a federal deposit insurance fund administered by the National Credit Union Administration, just as the FDIC does for banks.
What about electronic services? Credit unions pioneered the concept of direct payroll deposit. But today many credit unions offer a range of electronic banking services.
Ask for a “switch kit”: Many credit unions have switch kits, a compilation of all of the forms, rules and suggestions you may need to make your switch as seamless as possible. Just ask the credit union you want to join for its switch kit.
