If you’re looking for value, in terms of how and where you manage your money, you may want to consider going with a credit union rather than a traditional bank.

But some people might not be totally aware of the many benefits of being a credit union member!

Here are 5reasons why credit unions might be the better option for you:

1. Lower Interest Rates on Loans: Even if your credit score is less than ideal, you’ll usually find competitively priced loan products at a credit union. This is because overhead costs are substantially lower for credit unions than they are for banks.

2. Minimal Account Fees: Finding checking and savings accounts without maintenance fees is a rarity at major financial institutions. But many credit unions still offer free checking and savings accounts with minimal fees and low balance requirements. Even if it’s only a few bucks every month, every penny counts when it comes to saving!

3. Nationwide ATM Access: You might not find a branch of your credit union everywhere you go but if you need cash, you shouldn’t have a problem. Most credit unions give their members access to a nationwide network of ATMs, free of charge. And others will reimburse members for any fees incurred at out-of-network ATMs!

4. Exceptional Service: Big banks can lose that “personal touch” due to the high volume of customers they deal with on a daily basis. With credit unions, most members find that they’re treated more like an individual and less like just another number.

5. Protected Funds: Big banks are insured by the FDIC for any deposit up to $250,000. Credit unions don’t have FDIC coverage BUT ... The National Credit Union Administration (NCUA) offers the same level of protection at all federal and most state-chartered credit unions.

Now that you’re armed with this information, you can open up your banking options to banks AND credit unions!

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