Several credit unions are available today, and before you rush to join one and gain the benefits, you should research to identify the most suitable. However, before you follow suit, you should determine the right credit union for you, and that calls for making several considerations. Credit unions are not the same, and they are formed with different objectives, and thus, you should know the one that suits your needs. If you do not know how to identify the right credit union like family first, here are some of the factors you should consider.
Rates and fees – Credit unions like family first are non-profit making institutions, and therefore, they tend to offer affordable services compared to banks. For example, members of a credit union enjoy cheap loans and favorable saving rates. While the charges of credit union services are generally, you should research to identify the least expensive one among the alternatives available.
Find out the number of branches and ATMs – Credit unions have branches and ATMs in a bid to bring their services closer to their clients. The primary purpose of having branches and ATMs is to take the services near the clients so that the access the services easily. Further, ATMs enable you to access your cash without over the counter transactions, and if a credit union has numerous ATMs, then it means you can reach your money whenever you want without necessarily visiting the branches.
Excellent customer service – Customer service is an integral consideration when choosing a credit union and you must not ignore it. The best credit union should have an excellent customer service that caters to your needs satisfactorily. Therefore, you should test the customer service of various credit unions by calling to make inquiries and gauge how they attend to you. Having a sluggish customer service can be frustrating, and you might have lots of worries. Check online review sites to read the experiences of current and past clients of various credit unions.
Consider technology – The latest technologies come with a lot of benefits, and the best credit union should embrace it to give excellent services. Technology has a significant impact on making financial decisions, and they are cost-effective. For instance, your credit union should have an application which clients can download on their phones and use to access vital services. Interestingly, software manufacturing companies are developing user-friendly software technologies that credit unions can use to enhance their service delivery.
A valid license – Numerous credit unions exist, and that makes it challenging to identify between genuine ones and the dishonest ones. To escape the trap of unscrupulous credit unions, request to check their licenses before you make any commitment.
For further reading/watching, please visit https://en.wikipedia.org/wiki/Credit_union .