29 Дек. 2012 г.|
The first thing that I would look at is whether or not you can get involved in a credit union in your area. For example, many big businesses have credit unions that are only accessible to their employees.
Therefore, if you are ever shopping for a loan, you should definitely have a look at your local credit union. One of the things that I like best about credit unions is in the way that they are set up.
With big name bank stocks tumbling and their fee’s increasing, if you have access to a credit union via your work, social affiliation, geographic location or through a family member, here are some key benefits to consider. Credit Unions are financial institutions that are owned and controlled by their members, with the sole purpose of providing credit and banking services typical of the traditional banks, but at reasonable rates to its members. Credit unions have no shareholders or fat-cat executives to impress and do not have to answer to Wall Street pressure. Credit union fees, interest rates and other constitutional policies are determined by a volunteer board who are elected by its members.
Profits made by credit unions are generally used to help keep fees low or are distributed as dividends. Credit unions generally offer lower interest rates for loans and higher rates of interest for savings accounts. Credit unions are insured by the National Credit Union Administration, which provides comparable protections that FDIC provides to banks.
In some cases, it would definitely be to your advantage to make the switch to a credit union. If you work for a big company, then it is most likely going to be to your advantage to get involved with their credit union.
When you open an account with a credit union, you are technically going to be a partial owner in the credit union. If you live in an area that has a public credit union, you should inquire about getting involved with them. This means that you are going to have a say in important matters regarding the credit union.
Here are a few things to consider about whether you should make the jump to a credit union.
Periodically, you will see a credit in your checking account that represents your portion of the profits. Leung has no prior experience organizing a credit union, but is undeterred because he is confident that people with the skills and experience will be recruited. Obstacles include raising $300,000 for the chartering costs, assembling a team with banking expertise to found the credit union and recruiting 3,000 credit union charter members. Once founded, "the credit union [will also need] people with expertise to find areas (industries) where co-ops can succeed," Leung said.