Many consumers know why they should open a checking account but don’t talk as much about where to open their account. The right choice should provide the right benefits and features at the right price and convenience. A local bank is usually the first thought that comes to mind—but have you ever considered a local credit union?
Credit unions are member-focused institutions that provide an array of valuable financial services. Here are four reasons to open a checking account at a local credit union.
Fewer and Lower Fees
Banking can be complicated these days, with fees that add up quickly. This fact of life doesn’t need to be true for every consumer. Credit unions dedicate themselves to providing services that enhance members’ financial statuses and strive to meet their needs without charging for the basics.
Compared to the average bank counterpart, members can expect less out-of-pocket expenses. The benefits of a local credit union typically include lower or zero monthly service fees and reduced transfer, ATM, or overdraft fees.
Better Interest Rates
Don’t forget about the annual percentage yield rate of new checking accounts if making additional interest off your balance also matters to you. Many branch-based banks offer everyday checking where the money sitting in your account accrues zero or very little interest.
Credit unions support the financial well-being of their communities by offering better interest rates. Selecting a credit union account—that earns extra money with good checking rates—could work in your favor.
A More Personalized Experience
For-profit financial institutions cannot keep others’ best interests in mind as community-owned and -operated credit unions do. The personalized touch you receive is another of the main reasons to open a checking account at a local credit union.
Credit unions care about each of their members and treat them as people—not merely numbers to meet goals. This hands-on approach makes all the difference in determining the best course of action for your own financial situation.
Community Education and Engagement
Credit union checking accounts are not simply for storing income and paying bills. Instead, members have a voice—and vital resources located right in their communities. The greater emphasis on consumer service provides a broader breadth of benefits, such as comprehensive financial education and empowerment for its members. This customized focus allows individuals to make wiser decisions and improve their lives for the better.
AurGroup is a local credit union based in Fairfield, Ohio. We support local communities by offering everyday value for everyday people with our variety of trusted financial services. If you need a simple credit union checking account, we can meet your unique financial needs with the features, benefits, and convenience you seek. Read through our FAQs to learn more.
