March 02, 2010
Many of you are realizing you're not tied down to your bank and are making a switch to your local credit union. Getting hit with high fees, hidden penalties, and extremely lousy interests rates are among the top reason for the swap.
Find your Relief in your Indianapolis Credit Union
What we're realizing is a lot of you didn't even consider a credit union as a viable alternative to your bank. Until now, that is. So, let's explain some of the most important distinctions between your current bank and your credit union down the street.
First, credit unions are member-owned. Essentially, if you have an account with a credit union than you are part owner of that institution. This results in you feeling less like a number and more like person. Credit unions are recognized as having some of the best customer service in the nation. Second, credit unions are non-for-profit. You current bank is a business. They seek a profit. Hence, those fees and charges we were discussing earlier. Credit unions are able to place any profits made back into the account holders as dividends. How's that for a stark difference? Thirdly, banks despise your local credit unions. Credit unions more concerted structure means being exempt from most federal and state taxes. Banks have spent a pretty penny trying to lobby credit unions into extinction.
But when it all comes down to it people trust credit unions more than banks. A recent study released in the Financial Trust Index reports a 58% approval rating for credit unions. In contrast, local banks scored a 53% and national banks scored 31%.
Bottom line? Consider looking into opening an account with your Indianapolis credit union. You Indianapolis Financial Center has competitive loan rates, online credit union banking, credit cards, advice and tips to improve your money literacy and how to manage your money.
Contact us by calling 317.916.7700 or visit the Finance Center Federal Credit Union website.