If you have thought about it for a while, and you are more tempted now more than ever to go ahead and make the switch to a credit union, you will want to evaluate the facts. No matter what type of banking facility you decide to go with, there will always be some pros and cons. It is up to you to make sure that the pros of a credit union are very beneficial for you and the cons are things that are not really anything that will distract from your personal banking experience.
This might be one of the main reasons you are attracted to the idea of going with a Michigan credit union. The lower the fees, the more money you will be able to keep in your own pocket. Some of the many low fee perks that credit union account holders get to experience include low or no minimum balances, free electronic transfers, and cheaper overdraft and bounced check fees.
Flexibility With Loan Products
When you are trying to obtain a loan or credit card through one of the larger banks, you may find that once you are denied, they no longer want to talk to you about the chance of obtaining a loan. They set very strict loan and credit card approval policies. You either meet the requirements or you don’t. They do not give you the time or consideration for you to explain what happened with your past credit history and how things may be a lot different for you now. However, this is not as much of a concern with a credit union. They are more customer-centered and may be able to be a little more flexible with their terms and conditions for acceptance of some of their credit products.
Free Coin Counters
This might not seem like the biggest benefit in the world, but if you happen to be someone that collects a lot of change to later cash in, the free coin counters are bound to be a credit union benefit you will enjoy. Sure, there might be coin changers in your local grocery stores, but they charge you money. It might not seem like a lot, but over the course of a year, it can certainly add up to be a lot of money.
The Downside Is Fewer Options
It is important to make sure that you are also aware of one of the biggest downfalls of a credit union, even though it might not actually be something that will concern you. Generally speaking, credit unions are not able to offer as many different types of checking accounts, credit cards, or loan products. While a big-name bank may have twenty different credit cards to offer their customers, a credit union might have just a couple. However, if you are not worried about filling your wallet and credit report with an overload of credit cards and various loans, this may not be much of a concern to you.
Now that you have been able to take the time to learn more about credit unions, you should have all of the information you need in order to decide if it is the right decision for you. If it is, there is no better time than now to make the switch and start building a life-long relationship with your new credit union.