It can be a challenge to find the right credit union for you, especially when there are so many good options. You will be trusting the credit union with your finances, so it is extremely important to be comfortable with your choice. What characteristics decide the best credit unions?
Customer service is an important aspect for any company. This is especially true for credit unions. Members want to know they are on a first name basis with the credit union team. Whenever you are searching for a credit union, visit your options first and observe how the team treat not only the members but other team members. The service should be personable, and the staff should take great pride in providing quality service for the member’s financial issues and account. Notice if issues are handled in a timely manner. When you are communicating with lenders hands on, it may be easier for you to receive a loan you need. Since you are trusting the credit union with your money, you want to be assured that they will protect it and do whatever they can to help you.
Credit unions are usually not just big on service, but also on community focus. Credit union members are all brought together by a common interest, so everyone is in the same boat. Local economies are usually very important to credit unions and it is important for them to be involved in the community. Not only do the best credit unions value their members, they also value their community.
Hours and Locations
Whenever you are searching for a new credit union, note the hours of operation and the locations for each credit union. When a credit union has extended hours, which differ from its competitors, the credit union can handle your financial issues during more hours of the day. This may be a benefit to you. If a credit union has hours of operation that are strictly during business hours (Mon-Fri 9:00AM-5:00PM), but you work during these hours, how will you handle your account?
Along with the hours of operations, it is important to observe the various branch locations. Does the credit union have more than one location? Check how much the distance between your work/home is with the primary location which you will be visiting. The location should also be easily accessible from main roads. The credit union you choose may be out of the way, but it might have longer hours or better service. These are characteristics that should be weighed out when deciding on the best credit unions.
Banking Services and Rates
Some credit unions may be higher ranked than others, depending on the banking services you are searching for. It is extremely important to ensure that any fees, interest rates and terms are in writing. If interest rates or fees for one credit union are significantly higher than its competitors, determine why. It is easy to compare the fees and interest rates of various credit unions. Typically, credit unions are more attractive than banks when it comes to rates and fees. Since the owners are the members, the rates and fees can be smaller. The best credit unions should have rates and fees that are easily identified by potential and current members.
ATM and Online Banking
An important characteristic of the best credit unions is modernization with ATMs and up-to-date online banking. ATMs should be easy and safe to use for members. Online banking has become more and more popular due to modernization. Mobile phone banking is part of this, which includes an application which members can use to view their statements online with their mobile phone.
Even if online banking is not one of your top priorities when looking for a credit union, it shows that a credit union is staying up to date with technology, which is an important characteristic of some of the best credit unions. Online banking can also be very helpful for viewing statements in a way which is convenient for the member.
These are all important factors to consider on your search for the best credit unions. My Pensacola Credit Union is a personalized credit union dedicated to ensuring its members are taken care of and feel comfortable trusting the credit union with their financial resources.