Credit Union Checking Account

Open A Credit Union Checking Account

Where to do your banking is something that comes up in conversations everywhere. Some people maintain their checking at banks and they complain about poor service and too many fees. Now more than ever, more and more people are considering credit unions to open a checking account, savings account or for any of their banking needs.  

Merriam-Webster, an encyclopedia Britannica Company, defines a credit union as a cooperative association that makes small loans to its members at low interest rates and offers other banking services (as savings and checking accounts). Credit unions are gaining more and more popularity each and every day and should be strongly considered when searching for a financial institution to open a savings account, checking account, CD account, money market account, or take out a loan.

What most people do not know is that credit unions offer the same level of financial protection of your money as do banks. While banks are insured by Federal Deposit Insurance Corporation (FDIC), credit unions are insured by the National Credit Union Administration (NCUA). Both organizations protect your deposits up to $250,000. As long as you stay within the coverage limits, you will not lose a dime of your money no matter what happens to the bank or credit union. This is because both are backed by the full faith and credit of the U.S. government. Since your money is safe are long as your bank is protected by FDIC and your credit union is protected by NCUA, you are free to look for other things such as service, and use that as a criteria to determine which financial institution to conduct their business.

While the number of banks offering free checking accounts has dramatically declined over the last year, recent reports by Bankrate.com due to a study that was conducted on free checking accounts and credit unions revealed that the number of credit unions still offering free checking is still quite high. A sample taken of 50 of the largest credit unions across the country showed that free checking accounts were available at 39 of them. Also, 41 of the 50 credit unions had no balance requirement or monthly maintenance fee on their checking accounts.

Search for local credit unions

Whether you seek to open a personal savings account or a personal checking account a credit union offers tremendous advantage for your money. Credit unions also offer excellent service for those seeking to open a business checking account, business savings account or any other type of account. Many different types of free business checking accounts are available and your local credit union might be a bit more supportive when you need a lending hand than a regular bank might be.

It was also noted that the ATM fees and general banking fees charged by credit unions only increased slightly as opposed to the much higher increase in such fees by banks. In addition, it was also noted that even those credit unions that have started charging fees for their checking accounts offered ways that the customer could easily have such fees waived for example through direct deposit. The study goes on to show that the majority of these credit union checking accounts do not have a minimum opening deposit requirement on their free checking accounts.

Credit Union Facts: 

1. Same deposit protection as banks  
2. Typically known to pay higher interest rates on savings accounts 
3. Typically charge lower interest rates on loans 
4. Provide many of the same services as banks 
5. Service is usually much better and more personal than large banking institutions 
6. Credit unions are member owned, so having an account with one makes you a part owner 
7. Credit unions are typically not-for-profit, although this is not always the case 
8. Credit unions tend to pay higher interest rates on CD accounts 
9. Credit unions tend to pay higher interest rates on money market accounts 
10. Credit Union credit cards typically charge a lower interest rate 

Credit union offer many of the same services as do banks, but they tend to do with a more of a personal touch due to the fact that they are member owned entity. Being member owned and also being a financial institution that is community based makes you not just a number, but an actual person. This difference can be seen in the level of service that is provided by credit unions.

A credit union checking account is ideal for the person who wants that extra personal attention when it comes to their banking and their finances. While it is true that your local credit union checking account might be somewhat limited when you travel out of town or out of state for that matter, the fees that you save overall, the great rates in loans and the higher rates that you make on your interest bearing account more than make up for any fees that you might incur having to use a different bank ATM when you are out of range from the services of your local credit union.

What can a credit union free checking account mean to you? CreditUnionCheckingAccount.com is your online resource to locating a credit union near you. We are your means to searching for credit union checking accounts. As the study by Bankrate.com shows, free checking is alive and thriving and you might just find it at your local credit union. If you were concerned about needing to maintain a large balance requirement, you will be happy to know that many credit unions are offering free checking with no balance requirements. You will also be happy to know that many credit unions will allow you to open a credit union free checking without a minimum opening balance requirement. CreditUnionFreeCheckingAccount.com can help you find a credit union that best suits your needs.

You are far better off keeping your money in a credit union than under your mattress or even in a safe. The convenience of a credit union checking account cannot be overstated. Everyone benefits when you open a checking account with your local credit union. The credit union takes the money that you deposit and in turn uses it to lend to businesses and individuals within your community, so by opening a credit union savings account or a credit union checking account, you are in turn helping out the individuals and businesses in your community, as well as helping your money grow in a safe and protected environment. Isn’t it time that you gave your local credit union a chance?