Published on 12-06-2017
Why You Should Break Up with Your Bank, part 9
Throughout the year, we shared a blog series highlighting the top eight reasons you should break up with your bank and consider joining a credit union.
In Case You Missed It: 8 Reasons to Break Up with Your Bank
Have you been following our blog series this year? In case you missed a few blogs, we are going back to recap the top 8 reasons you should break up with your bank and consider joining a credit union.
Not only are bank fees usually higher, some banks hide fee structures in small print within account disclosure pages, making them difficult to find, read and understand. Credit unions on the other hand, have easily accessible fee disclosures that are straightforward and understandable. Remember, owners of credit unions are members just like you, so you can rest easy knowing your best interests are top of mind. Coastal has even eliminated nearly half of its fees for members. Transparency is just one reason credit unions have gained approximately 15 million new members over the past five years.
If you’re already a member of a credit union, you know that you’re in charge. Not a member yet? You read this correctly – join and you’ll be an owner of our credit union. Cool, right? But, you might be wondering what this means and how this makes credit unions stand out next to traditional banks. At credit unions, each member has the right to vote in electing board members. Members can also run for elections to the board. We put the power in your hands and we answer to you. This means you can trust that credit unions are always operating in your best interest because members just like you are the decision makers.
Credit unions offer lower rates than banks so they can focus on what matters: ensuring members are financially healthy. Unlike banks, credit unions are not-for-profit and choose to reinvest profits back into its members and communities. As a result, credit unions typically charge less in fees, offer better interest rates on credit cards, and require lower minimum deposit balances than banks. There are even resources that compare the national average rates for 23 common loans and deposits at banks and credit unions.
Customer service is a fundamental part of every business. But unlike big banks, credit unions don’t have to answer to stockholders. Credit unions are owned by members, so we answer to you. That’s why we call it member service. You may think we’re biased when we say credit unions provide stellar service compared to big banks, but it’s actually true since credit unions are structured to always operate in the best interest of its members.
Two of the biggest ways credit unions help members save money is through lower fees and better rates. Credit unions are hyper focused on making sure members are financially healthy by offering lower balance transfer fees, lower ATM fees and better overdraft policies, which means you can save more of your “moolah”. You see – credit unions are not focused at all on making profits. Credit unions believe it shouldn't take a lot of money to save a lot of money.
Caring and sharing are two more examples of the principles and philosophies that make credit unions shine in comparison to banks. Coastal is committed to reinvesting in our local communities. In 2016 alone, Coastal donated more than $300,000 to nonprofit organizations through corporate donations and grants from the Coastal Credit Union Foundation. The mission of the Coastal Credit Union Foundation is to enrich the lives of members and their communities by providing financial support to local nonprofit organizations. Coastal also shares through member transactions. Each time a member uses their debit or credit card, Coastal takes a penny of the fee received from the merchant and donates it to the Foundation.
It’s understandable to get a little spooked about borrowing or taking out a loan, but as a member of a credit union you can rest easy knowing you’ll be getting the lowest rates possible along with top notch member service. Credit unions offer a wide variety of loans. Whether you’re searching for a new car or , or starting a new business, credit unions have your back. Credit unions work with members one-on-one to meet your financial goals.
Another thing that sets credit unions apart from banks is peace of mind. Credit unions give members peace of mind in a variety of ways through low rates and payments, excellent member service and so much more. For example: Coastal understands the complexity of life’s schedules and offers teller services from 7 a.m. to 7 p.m., seven days a week at all branches. And, Coastal recently eliminated 21 fees, including the overdraft transfer fee and incoming wire fee. “We kept hearing from our members that they were unhappy with fees they were being charged,” says Joe Mecca AVP of Communication for Coastal. “So, we decided to do something about it.”
So, there you have it – our top 8 reasons why you should make the switch to bank better with a credit union today. Got questions? We’ve got answers! Give us a call at (800) 868-4262 or stop by your local Coastal Credit Union branch today. Use our branch locator to find a location near you.