5 Important Questions to Ask Before Choosing a Credit Union

Are you fed up with your current bank? Do you need an auto loan or new bank account, but you don’t know where to go? Unless you live in a one-horse town, there is probably a bank on every corner, and if you are not too picky you might choose any random bank and complete an application.

However, not all financial institutions are created equal, and a bank is not your only option. Regardless of whether you are applying for a mortgage, a credit card or opening a savings account, consider the benefits of choosing a credit union.

Membership for Local Credit Unions

There are misconceptions about credit unions, and if you’ve never had an account with one of these financial institutions, you may feel that you’re ineligible for membership. According to Jenn Cloud, the Young and Free Spokesperson for Vantage Credit Union, many believe that credit unions are an “exclusive club that requires you to be a part of a union or work in a certain field.”

Yes, local credit unions have eligibility requirements, but qualifying for membership may be easier than you think. While a credit union membership may be open to people who work at a specific company or within a specific field, the financial institution may also extend an invitation to anyone who works, attends school or lives in the same area as the credit union. Additionally, membership may be open to you if a relative of yours is an existing member.

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