Are you tired of lousy returns on your savings account? Excessive overdraft fees on your checking account? Overall poor customer service at your bank? Or just worried about the financial stability of your bank? Well the solution is not to bury cash in your backyard! Instead you should look into the best-kept secret in banking; the credit union.
Unlike banks, credit unions are not-for-profit. Credit unions are also owned by the members (account holders) themselves. The members, regardless of how much money they have, each have one vote to elect the credit union’s board of directors. Interest rates and other policies are decided by these directors.
How many credit unions are there in the world? There was 46,377 credit unions in 97 countries at the end of ’06, and today there are even more. With so many credit unions in existence, it’s almost guaranteed there is at least one in your area you qualify to be a member of. In today’s mortgage meltdown, credit unions are a particularly useful place to find a mortgage with favorable terms if you are currently stuck in a high rate or adjustable-rate mortgage.
To learn more about credit unions we recommend you check out our friends over at the Bruen/Bensley Credit Union Blog. They’ve been blogging daily for 6 years now about credit unions and their blog is loaded with great advice.