Why Bank with a Credit Union in Las Vegas vs. a Traditional Bank
With several financial institutions to choose from, you may overlook some favorable options, such as a credit union in Las Vegas. While they have similarities with big banks, credit unions (CUs) also offer unique benefits to their members. They include:
1. Lower and Fewer Fees
While banks prioritize profit, credit unions are non-profit cooperatives that put their members' interests first. CUs typically have lower transfer, ATM, and overdraft fees. Additionally, credit unions are tax-exempt. Unlike banks, they don't have to satisfy shareholders' demands for high annual returns by increasing membership and transaction fees.
2. Better Interest Rates
Other than higher interest rates on savings, your credit union offers lower lending rates than traditional banks. Their non-profit nature means they charge you just enough to cover operating costs.
3. Personalized Service
Your credit union in Las Vegas is more likely to understand your financial needs. That's because it caters to a particular community, location, or occupation. Unlike big banks whose mission is to expand as fast as possible, CUs take the time to cultivate relationships with their members. These localized services make them more committed to your financial wellbeing.
4. Relatively Lenient Terms
A credit union will be more willing than a bank to help you improve your credit score. Their loan officers can organize meetings to try and understand your situation and suggest suitable changes. Credit Unions have a genuine interest in improving the lives of their members and adding value to the broader community.
5. Credit Union Guarantee
The Federal Deposit Insurance Corporation (FDIC) insures bank deposits, which increases customer trust. Some customers express concern that the institution doesn’t cover credit unions. However, Congress formed the National Credit Union Administration (NCUA) to safeguard your deposits in a credit union in Las Vegas. The agency insures up to $250,000. An alternative to this is private credit union insurance such as American Share Insurance (ASI). Not a state or federal organization, ASI upholds the highest standards of financial accountability – both for their company, and the credit unions that they insure. Only the most financially responsible institutions qualify to offer ASI. CCCU is proud to consistently meet these higher standards and can offer a higher coverage limit to its members.
Another guarantee of credit unions is that members can participate in elections to pick the organization’s leadership. This responsibility means you can help in shaping its policies and financial decisions.