by. Amaia Kirtland
Are you tired of paying fees for basic banking services to one of the mega-banks that dominate the American financial scene? With a little effort, you can keep more of your money.
Fees tend to be significantly lower at a credit unions because they are cooperatively owned, not-for-profit organizations that exist only to serve members, explained Daily Finance ‘s Carol Kopp. “Historically, membership in a credit union is open to people with a common interest–members of a union, employees of a company or worshipers at the same place,” Kopp said. “But many are open to an entire community.”
Credit unions offer lower fees and better rates because they answer to their members and not profit driven shareholders. All profits, after ensuring the financial security of the credit union, are returned to members in the form of lower or fewer fees, better savings returns and often dividends. If paying less to your bank to hold your money sounds like an idea you like, visit asmarterchoice.org to find a credit union you are eligible to join!