The Advantages of Using a Credit Union for Banking in Franklin Park, IL

by | Dec 12, 2020 | Financial Services

When it comes to banking the two major choices are credit unions and banks. Most people have traditionally preferred the bank route. However, there are many out there who are increasingly turning to credit unions. This is because there are some definite advantages to becoming part of the credit unions in Elmhurst. Find out the specific advantages of using a credit union.

The Basic Reasons

There are some general reasons that a person may turn to a credit union. Maybe they are tired of paying high fees to perform banking transactions. They might also want more competitive rates for loans or savings accounts. Also, they may be looking for a more personalized banking experience. In any case, there are reasons why over 100 million Americans are using credit unions.

Defining the Credit Union

If you are not familiar with credit unions, you may wonder what they are. Credit unions are federally insured institutions that are usually non-profits. In essence, credit unions are managed by their members instead of corporate managers. This is why credit unions are perceived to have a community-based approach. All in all, credit unions are intended to provide fairer, more accessible banking for the average citizen.

Looking at the Benefits

Overall, there are several benefits to becoming part of a credit union. Most credit unions have fairly lax requirements when it comes to eligibility requirements. Credit unions are also great resources when it comes to increasing your financial literacy. Finally, you get the protection of federally insured deposits just like a regular bank. In the end, there are numerous reasons to consider joining credit unions in Elmhurst.

For more information about joining a credit union, contact Leyden Credit Union on their website today.

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