There are many people who were associating with banks and other financial institutions with trustworthiness and stability. However, with the recent shakedowns in the financial sector after the global economic crisis, many started getting confused about banking and services of other financial institutions.
One alternative, which came up largely over the last few years is the concept of credit unions like credit union in Florida , which are more local and trustworthy than the major financial institutions or groups. However, much of common public is still unaware of the concept of credit unions and the benefits of being a part of it. Here, we will discuss some basic advantages of credit unions.
Accessibility and openness
You may find banks and other big financial institutions a bit unfriendly and formal when you approach. The branch managers most of the time will not have the authority to take quick decision to help you and there may be enormous amount of procedures and paperwork to be completed. Moreover, banks and financial institutions are primarily focusing on conducting their business rather than empathetically taking care of your needs.
However, credit unions can be found much friendlier and empathetic in understanding your personal needs. These are more accessible to people at every level. Being a much smaller and local built up, it allows the members of credit unions to be more connected to the neighborhoods and be versatile in terms of response and decision making.
Co-operation, not corporation
Credit unions are basically cooperative finance initiates, and not like the financial institutions which are corporate firms. The goal of credit unions is to make more money for the members, whereas the goal of any corporate is to make more money out of the customers. So, cooperative unions are owned jointly and controlled democratically.
No entry cost, nothing to be lost
The only requirement for you to enter into credit union in Florida is that you should be living in that area. Such credit unions now offer almost all the same services banks offer now. Investment and loans as well as checking options.
The most admirable feature of any credit union is that it is owned, run, and lead by the members themselves. Credit unions function independently and not affiliated to any external regulatory bodies, which restrict its operations. So, the union is free to make any decisions that benefit their members rather than aiming at pleasing some external stakeholders.
More beyond the perks
Majority of the credit unions including credit union in Florida offers many other products too other than fund advance like health insurance coverage for individuals as well as financial advisory for the novice etc. Credit unions are also usually involved in community enrichment activities as financial education to the first time mortgagers and also offer free classes and services to community.
So, when it comes to availing banking services, credit unions can offer you the same menu at a much personal level. You can find almost everything financial corporations can offer at these micro-level cooperative platforms and you can also be proud of being partnered with the credit union in Florida type of initiatives, which work towards local financial and social reformation.