While the benefits that come from credit union accounts are nothing new, recent events that have occurred in the world of banking have left some consumers looking into alternative banking opportunities that may offer more benefits, perks, or more affordability when it comes to their banking needs. Yet, when it comes to these banking customers who are turning to credit unions, many officials have urged that this move not be made in haste as there are different options to consider and, in some instances, consumers and may miss out on certain opportunities like other financial institutions, credit unions in their area, or even local banks that will offer them the types of accounts and perks that they seek for their personal needs.
Obviously, many feel that one of the main causes behind some consumers turning to credit unions as an alternative to traditional banks has come as a result of fees or other costs that have recently arisen for consumers in the area of debit cards, checking accounts, or as a result of lower rates that some consumers are receiving on specific accounts. Understandably, some consumers simply want more from their banking experience, as consumers may be in a position where they want free checking, higher rates on savings and checking accounts, or some customers are simply frustrated with changes in the fee structures that they say are required as a result of recent legislation and rule change.
Yet, banking customers differ on this opinion as some are aggravated over the fact that banks had increased fees in some areas yet continue to make profits, but there are also instances where banking customers may not feel that these fees are substantial enough to warrant closing an account, however there are some opportunities currently in place that are attracting banking customers to take these actions, specifically in the form of benefits that other banks may offer. Simply put, credit unions might be in a position to not only offer higher rates on certain types of accounts, but fewer costs on fees or no fees at all, and there are obviously a wide range of other services that credit unions are advertising to consumers as these financial institutions can offer anything from mortgages and car loan to high interest savings accounts or CDs.
What officials want consumers to remember is that credit unions, unlike major financial institutions, may not have numerous locations and this could be a problem for some who often use an ATM, but many credit unions do have online banking opportunities as well, so this could be a nonissue for some new credit union customers. Again though, before a customer pulls up stakes and relocates to another bank or credit union, officials warn these consumer to make sure that they are looking at the long-term benefits that may arise from doing so as there may only be introductory offers on certain types of banking accounts or services which may change over time. Also, consumers have at times found that some of the fee increases they are seeing will be minimal compared with having to change banking information from one location to another in terms of direct apposite setups, changing out cards, and other hassles that may come with relocating to a credit union or alternative bank.
In the end, banking customers must make a personal choice as to whether turning to a credit union or another bank will be best for their situation as a result of any fee increases or costs that a consumer feels is hindering their banking experience. While some consumers may have accounts at both major banks and credit unions, those who are thinking of changing banks or are in a position where they are simply selecting a bank for the first time do need to look at what the primary uses will be of their banking account, how banks or credit unions may serve these needs, and what benefits and costs will rise as a result.