When you have committed to a financial institution, your arrangement is not set in stone. As your financial needs change, the institution you partner with could, too. Many people wonder, “Should I switch from a bank to a credit union?” Ultimately, this can depend on your situation, needs, and goals. At Camino Federal Credit Union, we have been serving the Montebello community since 1941. Our passion is helping our members build a bright financial future.
Superior customer service and more savings? That’s what you deserve with your banking experience. Read our blog to learn how switching can help you accomplish just that.
Should I Switch From a Bank to a Credit Union? Here’s Why.
When deciding if you should switch from a bank to a credit union, several factors come into play. This choice depends on your financial situation at the end of the day. From the benefits of member ownership to greater savings, read on for reasons to consider switching.
You’re a Member-Owner at a Credit Union.
When you join a bank, you’re their customer. But at a credit union, you’re more than that. At credit unions, you’re a member-owner, regardless of the amount of money you deposit. As a result, you could have more of a say in the direction of your credit union.
This also results in more flexibility in loan terms, enabling them to cater to their members and their needs more than banks. At a reputable financial institution like Camino Federal Credit Union, no member is more important than another, and your voice always matters.
Credit Unions Are Not-for-Profit.
These financial institutions are also not-for-profit, which is another reason we give to make the transition when people ask, should I switch from a bank to a credit union?
Couple this with your status as a member-owner, and it results in superior member service. Credit unions do not operate to make a profit and instead operate to provide great service and financial products that could help members achieve their unique financial goals.
You’ll Save on Fees and Rates.
Lastly, savings could be important incentives for those who ask themselves, should I switch from a bank to a credit union? With credit unions, you will still pay interest on loans, but the rates are often lower than from banks.
Members at credit unions could enjoy better savings through lower checking account and ATM fees and higher interest earnings on savings accounts and other financial products.
Join Camino Federal Credit Union to Enjoy Unrivaled Benefits
So, now you have the answer if you were wondering, should I switch from a bank to a credit union? If you are interested in superior, more attentive member service, greater savings, and having more of a voice at your financial institution, switching to a credit union could help you pave the way to a bright financial future.
To learn more call us at 800-835-3400, or apply on our Open An Account page to start building a bright financial future.