Not everyone is familiar with all financial institutions out there, but they do know about the best banks in NC, especially because branches are everywhere and they strongly advertise the brand. However, this does not necessarily they are suited for your needs and you might gain much more from the Winston Salem federal credit union. When you learn about their features and benefits, you will reconsider your choices.

How members benefit from the Winston Salem federal credit union

The Winston Salem federal credit union is not an exclusive club and nowadays, more people can join and take advantage of the features, relying on borrowing money for various reasons and making banking transactions. Some even confuse credit unions with banks, thinking they are the same, but it is not the case. They do offer similar services, but once you take a closer look, you will find out how much they differ. Based on your necessities, even the best banks might not be suitable and switching to a union makes more sense. Understanding what each offers is the first step to get to know both types of establishments better. Eventually, you will have peace of mind knowing you made a right decision.

The best banks in NC have some important roles, they need to make profits for stockholders and charge enough to cover expenses. They do keep the economy going, since they provide liquidity, but this does not mean that clients are completely happy with what they receive or how they are treated. One of the best ways of making money from the bank is to buy stocks. To cover expenses and make profit, they apply higher fees and interest rates on loans. It is always beneficial to learn as much as possible about each institution type before taking the final decision, because you need to know where you deposit your money, if you can apply for various products and services and find what you require from the beginning.

One aspect where the best banks in NC stand out is technology-wise. They invest considerably in technology and offer mobile applications, internet banking and such. Not to mention they know how to advertise products and services, how to help people recognize their brand easier. On the other hand, unions are not like that, because they want to attract members, not clients and there are some requirements to become one. It is not enough to step inside the cooperative and join, you need to live within a specific area, work or study somewhere in the region and usually they have a list with all establishments that qualify and if you can bring your family members as well.

The Winston Salem federal credit union is known for offering lower fees, almost applying none for using the ATM. What is more, they are well developed when it comes to loans and banking products, including insurance policies in their portfolio. You can obtain any type of loan from the union, including a mortgage, for a new car, to open or expand a business, to study, for personal use and more. Unions are cooperatives and this means they are operated and owned by members. They are also non-profit and the emphasis is on customer service and offering great value. Interest rates are competitive and you will pay less when getting a loan. This information can easily be verified once you make an analysis and compare offers from both types of establishments.

Whenever you call the bank to require information, it is less likely to find someone that has the power to decide or answer a tough inquiry. If you end up at customer service, you will be transferred from one person to another. This is frustrating indeed and it is a sector where banks lose clients or end up with unsatisfied ones. On the other side, unions are different from this point of view, offering personal touch and great customer service. Representatives are friendly, open, more willing to help others find the right answers. Even if you encounter a situation at a certain point, you can discuss with another member and find solutions. They are more willing to assist, even if you happen to have a poor credit score or didn’t qualify for a loan at a bank.  

Resource Box: If you believe that the  best banks in NC  do not cater your necessities anymore and you want more personal touch, then you have other options available. In fact, the  Winston Salem federal credit union  is known to be close with the community and its members and offer the same diverse banking services and products.