Having the best checking and savings accounts for your family can be a huge boost to your finances.
Every couple has their particular preferences on what they are looking for, but I think most – if not all – want their hard earned money in a safe place that treats them with respect and offers services that help reach their goals.
However many are unhappy with where there money is and they are looking for a better bank. What if the best banking solution for the two you wasn’t even a bank?
Today we’re going to look at credit unions. Joe Mecca from Coastal Federal Credit Union will be helping me out by explaining:
- how credit unions are different from banks
- financial services you can get through a credit union
- some unique advantages of credit unions
Plenty of people are making keeping their money at credit unions. Last June the Credit Union National Association announced that 100 million Americans are credit union members.
According to Bankrate’s 2015 Credit Union Checking Survey, checking accounts at credit unions tended to be cheaper than banks. They usually had:
- Lower overdraft fees — $26.78 versus $32.74 for banks.
- Lower minimum amount to open an account — $9.84 versus $65.83 at banks.
- Lower fees to use an out-of-network ATM — $1.50 is the most common fee, compared with $2.50 at banks.
While I don’t believe everyone should completely skip out on banks, I do think that credit unions should be considered as a possible contender if they two of you aren’t satisfied with your current banking situation.
Wherever you choose to bank with, make sure its an institution that respects you and your hard earned money.
Special thanks to Joe and Coastal Federal Credit Union. I appreciate the time and attention he gave to my questions. If you’re interested in finding out more about Coastal please visit them online or, if you’re local to the Triangle area, at a local branch. They are also on Twitter and Facebook.