Banks in North Carolina vs. credit unions
Opening financial accounts, obtaining loans, credit cards and such, are all important decisions and many wonder if they should choose banks in North Carolina or credit unions. Nowadays, these two do not differ so much in terms of convenience, especially if the union is developed and has great online services, easy access to ATMs and branches. Both institutions provide safety for your money, as they are insured and no risks occur. When looking into possibilities, it is recommended to think about what matters to you the most and what products you need. Some people care more about fees or ATMs, while others want to obtain loans and pay attention to rates. Knowing the key differences helps at taking a better decision.
Banks in North Carolina operate for making profits and are owned by investors. On the other hand, unions are owned by members and they are non-profit. This tells a lot about how they operate and what matters the most to each. Instead of focusing on profit, unions are able to provide lower fees and high interest rates on savings and low on loans. People certainly care about these features and want to save money and pay less when it comes to borrowing money. As for accessibility, everyone is able to open an account at a bank, but within a union, there are certain membership requirements, such as working in a specific location, living in an area, being part of an organization and more.
It is true that at some point, the credit union NC offered fewer products compared to banks, but these days they seem to keep up with requirements. They offer loans, mortgages, investment opportunities, insurance, credit cards, checking and savings accounts and more. However, if you are activating in the commercial area, you need to verify if the union has commercial banking products and services, such as business loans and business credit cards. Many people nowadays require a loan, to purchase a house, car, open a business, for personal use, for studies and more. If you happen to be in such a situation, it is best to check both institutions and find out which ones have the most attractive interest rates and if there are any application requirements.
In many cases, people discover that a credit union NC has some of the lowest loan interest rates. Furthermore, fees are better as well, because unions do not focus on making profits and please investors. You will be happy to hear that for checking accounts there are no additional monthly charges and no minimum balance. It is one way to save money and have peace of mind that you are counting on the right support, without facing restrictions. To obtain a better view into the subject, you can compare fees online, by requesting lists from banks and unions or simply access their websites. Afterwards, you have a clear picture in mind and know what to look for and how to decide where to go.
Customer service is important in every business and institution, no matter if public or private. It is known that if a person has a bad experience and is not served accordingly, they will leave and look for products or services elsewhere. Banks are not always flexible and their services are not personalized, which means they tend to be cold and impersonal. Many people complain that they do not receive the desired attention and they are unable to get assistance when they have inquiries. This is not the case with credit unions, because they put members’ needs first and want to tailor their services to meet expectations. They sit down with members to find out about their needs, financial status and find the best way to help them.
Do you want to see what other financial institutions have to offer? If banks in North Carolina do not meet your expectations anymore, it is time to look further. You can always become a member of the credit union NC and have access to a great variety of services and products and save money along the way.
