However, out of convenience and familiarity they go straight to banks in North Carolina and do not bother to look what others have to offer. The main idea is that other cooperatives exist and a very good example is Winston Salem federal credit union.
What is the Winston Salem Federal Credit Union?
Banks are ranking profits and this means that customers are paying high fees. Eventually, they start looking somewhere else for banking services, in order to save money and receive better treatment. The Winston Salem federal credit union is such an example and it is a non-profit cooperative that makes a difference and knows how to treat its clients. This is a key aspect actually, the fact that there are no stockholders and no need to satisfy their greed. The focus is on members and helping the community.
Credit unions offer diverse financial services and products, similar to banks, so there is nothing to worry about when it comes to this aspect. In general, members benefit from lower and fewer fees and better interest rates on loans and savings accounts. Services are similar to other financial institutions, including loans, credit cards, savings and checking accounts, insurance and investment opportunities, and more. However, there are many differences that set them apart from others and as soon as you find out about them, you will reconsider your choice.
Why Banks in North Carolina are Not Satisfying
Due to the fact that unions are non-profit, they are able to offer high interest rates on CDs and savings accounts. In the same time, the interest rates are lower when it comes to credit cards and loans. Banks in North Carolina are focused on making profits and they want to attract as many clients as possible, to apply their high fees. This is enough for some people to make them look for something else, because they don’t want to waste money on fees. Out of convenience many choose banks, because they are familiar with the name, there are headquarters everywhere, ATMs and such. This does not mean they are the main choice.
Unions are cooperatives and they are owned and operated by members, instead of stockholders. Once you make a deposit, you have voting rights and you become an owner. This also means that you have something to say when it comes to taking decisions and taking part in board meetings. However, people need to meet certain requirements to become eligible of joining the cooperative. These requirements vary and it depends on each location and what they stand for.
Some of the requirements that have to be met to become a member of the Winston Salem federal credit union include:
• Living in a certain area
• Working for a specific employee (for instance a credit union for teachers will accept teachers that work in a certain district)
• If a family member is already part of the cooperative, then the person becomes eligible from the start
• Worshiping the church within the community
Some other unions have more relaxed requirements, it is enough for people to live in a certain location and they can apply without hesitation. As soon as you pass the requirements, you can start enjoying the benefits and they are plenty. There are fewer fees compared with other financial institutions and many of them do not apply any fees for using the ATM, electronic transactions are also free of charge, checking accounts without a minimum balance, and more. Every person has access to this information if they request it from the union directly. No one is obliged to do their banking in a certain location.
The goal of banks in North Carolina is to make money and this means that they overlook the importance of satisfying clients’ needs and offer them accessible and customer-focused banking. Whenever a person goes to the bank, they have to wait in line and in many cases, they don’t even obtain the necessary assistance. This leads to frustration, time and money wasted. Unions have smaller branches and they offer personal service. It is very likely for representatives to remember your name and develop a productive relationship, so that you always have access to quality services. Even if you don’t know certain terms or fail to understand what they stand for, there is always someone available to explain everything and make sure you take the right decisions.