During the past few years many people and families have been hit hard in their pocket books. Many people have lost their jobs, and even their homes, but most people have the strength to move on. These are some of the reasons that people have started to pay attention to their finances and where they bank. Many people saw that banks charged large fees for services, and these fees added up quick. This is the primary reason people moved their banking needs from traditional banks to credit unions. Credit unions charge lower fees on just about every service that banks offer, and have other benefits too.
One of the main reasons that a credit union is able to offer lower rates than a bank is because credit unions are not for profit institutions. Credit unions are member owned. Because of their not for profit status the fees charged to members are lower than fees charged by banks. Another reason people are attracted to credit unions is their dedication to serving people of modest means. The money requirements to open a checking or savings account are lower than what banks offer.
Another area where a good credit union can make people’s life better is refinancing home mortgages. Many people are still stuck with high interest mortgages, and credit union can offer some of the lowest Mortgage Rates in Palm Bay. One of the local credit unions in the area that offers some of the best Mortgage Rates in Palm Bay is Community Credit Union. In addition to low mortgage rates, CCU offers a range of other financial services.
Like local banks, CCU is able to offer loans to customers wanting to finance a car, boat, truck, or RV. The rates are often times lower than what is offered by banks. They even have an attractive first time buyers program with minimal qualification requirements.
Many people are surprised to learn that a credit union can offer Business Loans, business lines of credit, commercial reals estate loans and even fixed asset financing. In short, a credit union can help in both personal and business financial matter.
Credit unions are non-profit, and they do advertise as much as local banks. This is a reason many people have not heard about credit unions in their own city/town. People wanting excellent financial services should contact their local credit union.
