Are you tired of big banks with impersonal service and high rates? If your answer is “yes,” then a credit union might be the answer. Credit unions come with many benefits and are known for their personalized service and local ties. But if you’re new to credit unions, you may be wondering what to consider before choosing one. Here are a few factors to look for in a credit union.
Branch and ATM locations
Credit unions have local ties. For people who travel often and rely on in-person service, this used to be a downside. However, times have changed, and many credit unions now offer the same convenience as national banks. Many credit unions have leveraged technology to offer online banking options. Plus, with most credit unions, you can access fee-free ATM networks and Co-op Networks of shared branches and ATMs. For example, with DEXSTA, you can bank online, via our mobile app, and access a Co-op Shared Branch Network of more than 5,000 locations nationwide.
Credit union rates and fees
Because credit unions are not-for-profit organizations, they tend to offer better savings rates and loan terms than for-profit banks. As a result, you can save a considerable amount of money by putting your money behind a credit union. Before making a decision, compare rates and fees between different organizations to find which one is the best fit for your financial needs.
Security for your money
Myth: Your money is safer and more protected at larger financial institutions. This common misconception isn’t true. Fact: The U.S. government insures funds at most financial institutions, regardless of size. Before choosing where to put your money, double-check that it’s insured by either the Federal Deposit Insurance Corporation or the National Credit Union Administration. At DEXSTA, your deposits up to $250,000 are insured by the National Credit Union Administration, so you can rest assured your money is safe.
Is a credit union right for you?
When you choose a credit union like DEXSTA serving Delaware and Cecil County, Maryland, you choose to invest in a local organization that’s dedicated to giving back to its members and community. As member-owned organizations, credit unions are run by and for the people. If this sounds like the right fit for your financial needs, we’d love to hear from you. Contact us or make an appointment with one of our branches.