Joining a credit union can turn out to be much better than just putting your money in a bank only to have to deal with snobbery. Credit union checking accounts have a low minimum balance of $25 with no monthly service fees. There is no minimum balance requirement either, compared to the bank that alerts you when you have a minimum balance available due to shopping for groceries, clothing, or anything else that you may have overspent on. Some credit unions have monthly dividends that are paid out on balances of $750 or more, as an incentive to deposit your money. The benefits of opening a credit union checking account include the fact that you are joining a non-profit, you also get a free VISA debit card at some credit unions.
When you become a member of a credit union, you can open checking and savings accounts as well as obtain loans. Some credit unions only allow you a credit card if you have money. Unlike banks, a credit union does not make money-charging customers interest, fees, and then reinvesting it all just for the business’s and to make a profit. Credit unions will return the money in the form of a lower-rate loan and higher-rate service accounts.
Added benefits to having your money in a credit union include the fact that credit unions can offer some of the best rates on credit products like a car loan. Mortgages also require having credit along with credit cards. There are such things as fee-free checking accounts and savings accounts as well because there is not a requirement of having a certain minimum balance, which can help low-income people tremendously, with having free eStatements. Free account alerts are offered at the JSC FCU, and there is no monthly service charge for overdraft protection, unlike there would be at a bank. Express youth checking has a low minimum initial deposit, which is needed to open an account where you can deposit $10. There are qualification standards if you do not have a credit history, although if you have a damaged credit history you will have trouble getting a credit card or a loan with a low rate from a bank. Members get their credit run to see how much they are owed and if they’ve paid their bills on time. A credit union is a powerful presence in the community.
Credit unions may be involved in giving educational grants to students. The JSC FCU credit union offers a Monthly Market Checking account with free direct deposit with the monthly dividends being given while the monthly balance is $1,000. With our credit union, there is also no monthly service fee, unlike a bank. You can have six withdrawals a month, and free online, mobile app, and telephone banking. Credit unions could also have higher rates on savings accounts, with regard to savings and deposit accounts rather than a bank.
Horizon Express Checking is a JSC FCU product that has no monthly service fee and allows for a free VISA debit card. There are three free money orders a month with this product. You can make your own decisions to receive the benefits of Horizons Checking, although a monthly direct deposit is required. Credit unions also offer personalized credit assistance and can give free credit scores to members who need to look at theirs. A credit union’s major purpose is to educate its members about financial matters. Though it would seem that one drawback to joining the credit union is having fewer ATMs, and limited locations, and less technology available than at a bank.