With the growing number of credit unions, you may begin to wonder which one is the best fit for you, especially since they all seem to have similar benefits. In choosing a credit union, you should first consider your needs. What services are you most interested in? What financial products or services do you intend to get? Several people cited the Denver community credit union as the best fit for them, but this article will help you choose a credit union that fits your needs best.
5 Tips to Choose a Credit Union for Your Needs
- Determine If You are Eligible:
Credit unions have their eligibility requirements. Some require that you live or work in the area, have a family member who is a member, or belong to a group associated with the union, among others. Denver community credit union has a list of companies whose staff are eligible to join. Once you confirm your eligibility status, joining is pretty straight forward. The good news is, you are a member for life, and your family members can be eligible too.
- Find out If they offer the Services You Need
The next step is to determine if the credit union offers the services you need. If you intend to get a loan or mortgage, then ask them about their interest rates. Credit unions don’t provide all financial services; ask in clear terms for the services you need.
- Find out about their interest rates.
All credit unions do not offer the same interest rates. For example, the Denver community credit union offers one of the lowest interest rates and a free checking account and other free benefits but not all credit unions do this. It will be in your best interest to compare rates before you decide.
- Ask about branches and ATMs
Many credit unions belong to the ATM network that allows free or low-charge withdrawals. For example, the Denver community credit card boasts of 30,000 ATMs nationwide. Do you travel often? Then choose a credit union with ATMs and branches. Many credit unions also have several branches. You may want to choose one with branches near you.
It’s important to ascertain if the credit union makes use of technology in providing its services. You may want to ask if the credit union offers online and mobile banking, fraud protection, and statement. Many credit cards are improving in this area every day but be sure to ask the right questions.
Credit unions have several benefits you can enjoy, but the first step is finding the right one for you. As you decide, keep these tips in mind and ask the right questions.