How Do You Choose Which Credit Union to Use?

Credit unions in Littleton are financial institutions that enjoy huge popularity due to the excellent financial products and services that they provide. Credit unions usually offer the same types of products and services as banks and just like in the case of banks, you need to perform a little research before choosing the union to become a member of. Here are some factors to consider when choosing your Littleton credit union.

Membership Requirements

Credit unions make their services and products available only to their members. Each credit union has their own set of requirements based on which they accept members, such as living in a particular geographical area or working for a particular employer. The first thing to check when you find a credit union is the requirements related to eligibility.

Rates and Fees

One of the features that make credit unions so popular is the rates and fees that are much lower than the rates and fees practiced by banks. While evaluating credit unions in Littleton that you are eligible for, compare minimum deposits, the fees charged with the type of account that you want to open, credit card rates and the conditions of taking out a loan.

credit unions in Littleton

Customer Service

One of the features that make credit unions so appreciated is the relationship between the union’s consultant and the member is much more focused on the client’s needs. Before you choose a credit union to join, check out the ratings received by the union’s customer service and consider only unions that have lots of good reviews.

The Technology Used

Credit unions are not-for-profit organizations that redistribute all the profit they make to their members, usually in the form of annually paid dividends. This also means that credit unions cannot afford the long and expensive process of developing complicated IT infrastructures, therefore they cannot be expected to provide cutting edge tech features. However, most credit unions try to catch up with banks and they offer some types of digital services, so before you choose your credit union, check the available digital tools.

Branches and ATMs

One of the most important differences between banks and credit unions is the size of their ATM and branch network, with the networks used by banks being larger than the networks of credit unions. Before you choose your credit union, check out the availability and service hours of the offices in your area as well as the number and locations of ATMs to make sure that you will be able to access your money comfortably and whenever you want.

Insurance and Security

Credit unions are supervised by the National Credit Union Administration, the institution that also administers the National Credit Union Share Insurance Fund, the organization that insures deposits in federal credit union accounts up to $250,000. Before you choose the credit union to start the membership registration process with, try the tool available on the NCUA website to check the insurance status of the union you are considering. You can also find the information in the credit union’s offices – insured federal credit unions are required to display the signage that proves insurance status in prominent locations.