Wondering which bank to choose? You’re right to think long and hard about it. The bank you ultimately choose affects both your wallet and your long-term financial journey. If you’re a Texan, going with a local credit union could bring you a ton of benefits, some of which you may not have known about. And the interesting part is that these organizations beat out run-of-the-mill banks by a longshot. Read on to learn why picking a credit union in Texas matters.
Personalized Service That Puts You First
When you sign up at a banking institution, we’ll bet you want to be treated like a valued consumer – not a number. That’s what you’re bound to get with a credit union in Texas. Conventional banks serve their shareholders to the end, but credit unions focus intently on their members. Why? Because credit unions are owned and run by the members. Plus, they’re structured as non-profits, so members always come before profits.
Lower Fees and Better Rates
Credit unions are known to offer some of the best fees and rates for financial products, especially when compared with typical banks. Since their overarching focus is on serving the customer, they put in substantial effort to cut costs where possible and pass the savings to the members.
To that end, the following will likely be more affordable at a credit union vs. a traditional bank:
- Rates for mortgage, auto, and personal loans
- Overdraft fees
- Bank account fees (if any are required)
And when it comes to savings accounts, yield rates will be higher so you can grow your money quicker.
Community Involvement: Building a Stronger Texas
The average credit union makes a concerted effort to connect with and improve the community it serves. This may be done in a variety of ways. They often contribute to local charities, invest in community development projects, and sponsor local events. Other ones support initiatives surrounding affordable housing, disaster relief, or small business development. Partnering with a credit union in Texas is a fantastic way to support your community.
Supporting the Local Economy
Profits from credit unions don’t go to a far-off land; they are circulated through the local economy. This is made possible through the savings and favorable rates members get to enjoy. Small businesses benefit from credit union product savings and perks as well. For example, a credit union might help an entrepreneur out with an affordable loan that they use to start a business and employ members in the community. It’s a snowball effect.
Banking with a credit union in Texas ensures that your money stays within the state, enabling you to contribute to the vibrancy and resilience of the economy.
Member Ownership and Democratic Control
Do you like the thought of democracy in a financial organization? Credit unions deliver just that. Recall how these finance institutions are member-owned and operated. Because of this, all members and their opinions are valued, no matter how deep their pockets run. If you value transparency and democracy, you’re sure to appreciate this benefit.
To ensure your voice is heard within your credit union, get busy participating in their annual meetings or acting on their committees. You could have a direct effect on how things go with the organization.
A Focus on Financial Education
Financial literacy and money management go hand in hand. Credit unions know this and make it a point to push it at every turn. That’s why they do free workshops and freely help those who need financial counseling. With a credit union on your side, you’ll be in the prime position to take full control over your financial situation.
So, there you have it – the benefits of local credit unions in The Lone Star State. We hope the information you found in this article proves to be helpful, and we wish you the best in every step of your financial journey.
