When it comes to your banking relationships, are you head over heels? We put a lot of time and energy into choosing our doctors, hairdressers and other services, but it can be easy to forget about our finances. Your bank or credit union is a valuable resource that can help you achieve your dreams, so it’s important to choose a financial institution that’s right for you. Before you say “BE MINE” to a financial institution, here are a few considerations to keep in mind to ensure a perfect match.
Understand the differences between credit unions and banks.
Credit unions can be easily misunderstood, but there are a lot of perks to joining a credit union. Unlike the banks, credit unions are not-for-profit financial cooperatives that typically offer higher interest rates on savings, lower interest rates on loans and lower fees. They offer the same products and services as the banks, but may be more community-based or limit their membership to a particular group (such as people who work in a certain industry). While banks often have a larger footprint than credit unions, credit unions still provide accessibility and personalized service that members can benefit from.
Find out where their branches are located.
Are the financial institution’s branches conveniently located? Do they offer online and mobile services you can use when you can’t go to a branch in person? Some credit unions belong to the CO-OP Shared Branch Network, which consists of more than 5,600 branches throughout the United States. Through this network, members can access their credit union accounts at other participating credit unions, providing added accessibility if you decide to relocate or travel.
Ask about fees associated with the account.
Does it cost money to open the account? If so, how much does it cost? Are there ways to waive certain fees? Ask about any associated fees, or do your research to find a fee schedule on their website so that you can avoid paying exorbitant fees simply for keeping your money in the account.
Learn about special benefits of membership.
Find out if the financial institution you’re considering offers specialized accounts for youth, college students or other applicable groups in your household. Are there other benefits for joining? While discounted services or tickets to local events may not be the final deciding factor for choosing a financial institution, these benefits are definitely worth considering and may set one institution apart from another.
Get a feel for their customer service.
In the end, some financial institutions just click. Visit the financial institution you’re considering to ask questions and get to know their branch staff to see if there’s a good fit. You can also look at reviews on Facebook and Google Reviews or ask someone you know personally who may bank there. Keep in mind that online reviews are often submitted when someone has an overwhelmingly negative or positive experience, so it’s important to take these with a grain of salt and ultimately go with your gut.
At Addition Financial, we love helping our members live their best lives while saving money. Check out our blog for more useful articles, podcast episodes and other resources. If you’re on the hunt for a new financial institution, Addition Financial is a credit union founded by educators with strong roots in Central Florida. With branches in six counties and growing, Addition Financial is part of the Presto! ATM network for added convenience, and has offered continuous service throughout the pandemic and Saturday hours at nearly all branches. Plus, you’ll earn $100 just for opening your first checking account with Addition Financial!
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust, along with her podcast of the same name.
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