How To Choose a Credit Union Checking Account

More and more people are opening up a credit union checking account! Getting higher savings rates and lower service fees in the long run. Depending on one’s personal banking needs, credit unions have many helpful features to take advantage of. The first step is finding a reliable financial institution to open up an account with.

1. Credit Union Membership Comparison

Credit unions are a non-profit financial institution which is governed by its individual members. Many having special eligibility requirements for new customers. These usually include:

* Personal Living Community

* Place Of Employment

* Religious Sector

* College Fraternity Membership

2. Researching Credit Union Services Offered

Credit unions are financial institutions that offer various features. After determining those which are most beneficial, narrow the search down to a select few. When looking for institutes who offer mobile or online banking options; keep this in mind while researching.

3. Select A Credit Union Who’s Insured

A credit union which is insured has the ability to pay its members back in the event of failure. The NCUA (National Credit Union Administration is an independent agency which charters and administers Federal Credit Union activities. Most United States credit unions are required by the National Credit Union Administration to be insured. Such as the Federal Deposit Insurance Corporation (FDIC). The NCUA has a website provided to users surrounding information on their financial health, insurance status, and union size. This valuable resource can be utilized in any area of the US.

4. Inquire About Credit Union Banking Procedures

This is the time to inquire about services offered by the credit union which are essential. For instance, if they have 24-hour customer support, online banking options, or investment and financial services. Should a particular credit union fail to offer a certain beneficial service, then it’s best to way out the options. If the service is unessential then keep that credit union on the list of potential financial institutes. Though the NCUA database is helpful; it is best to speak with a live credit union representative.

5. Research Credit Union Fees & Charges

Overall, a credit union tends to charge lower fees than most personal banks. When inquiring about these charges don’t forget to include:

* Charges On A Personal Checking Account

* Account Balance Inquiry Fees

* Monthly Account Charges

* Overdraft Fees

Keep this information at hand while doing comparisons of different credit unions in the area.

6. Choose An Institute Of Convenience

Select a credit union which is within the flight path where daily business activities are conducted. For instance, close to the place of employment or nearby shopping districts. Prior to choosing a specific financial institution, it’s best to pay them an initial visit first. But, if the individual is a frequent traveler; they’re better off going with a branch in the area for easy access to personal funds.

7. Research Shared Branch Credit Unions

Referring to credit union networks which share pertinent customer information. Enabling the account holder to access their personal data from a convenient location. This also allows an individual to perform transactions without any fees incurred. Not all credit unions offer shared branching options, so make sure and see if they do.

8. Inquire About Educational Opportunities

There’s an overabundance of educational opportunities available with personal credit union accounts. Some of which include:

* Financial Investing

* Getting Out Of Debt

* Credit Score Improvement

* Purchasing A New Car

* Mortgage Assistance

Some credit unions have on-site seminars as well as online seminars. All of which are free to union members.

In Conclusion:

It is easy to see why so many people are opening up a credit union checking account. The benefits and special conveniences make it worth checking out.