The Practical Benefits of a Community-Based Credit Union Membership in Utah

Credit union team

More Utahns are appreciating the advantages of using credit unions for their financial needs. This is especially true when it comes to community-based non-profits, considering that the only qualifying factor is usually just your location.

In a nutshell, here are the practical benefits of using these credit unions compared to banks:

Loan Rates and Fees Are Often Lower

About nine times out of 10, credit unions offer lower loan interest rates and fees than large banks. Actually, Wasatch Peaks Credit Union and industry experts say that your very membership may even give you the privilege to get a housing grant in Ogden, Provo, or Salt Lake City.

This is because credit unions value service more than profitability. They strive to compete against other financial institutions, but they won’t consider you as a customer but rather as a co-owner since all they’re owned by members. Instead of trying to make the most money out of you, credit unions go great lengths to minimize your overall cost of borrowing.

Bank-Like Offerings with Personal Touch

Credit unions provide practically the same range of financial products and services you’d expect from a bank. You can open savings and checking accounts, apply for credit cards, obtain personal, auto, and housing loans, and so on and so forth.

Again, their biggest distinction is a way they will deal with “customers.” As credit union deposits are insured, you can rest assured that your money will be safe.

Shared Branching Services

Having troubles accessing your funds is one of the oldest myths about credit unions. Contrary to popular belief, the branches and ATM locations of most community-based credit unions are ubiquitous. Even if you move away, it’s possible to withdraw money from other credit unions without any charge. If your credit union is part of a shared branching network, you can afford to retain your account for your convenience.

Whether you need a mortgage or a low-interest credit card, a community-based credit union should be at the top of your list. If you’ve never been a member before, you’d be surprised to learn how easy and rewarding it is to join.

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