Managing finances can become more complicated as you get older and acquire more ‘stuff’ and responsibilities, including taking care of other people. What’s more, this often comes without much guidance or financial planning. Many times people are left wondering, “How many savings accounts should I have?”
This alternative is the credit union. If you want to enjoy the perks of a credit union account, you’re in the right place. This guide will teach you what to look for in a credit union, how to find one near you, obtain membership, and open your account.
Tired of long queues, being put on hold, and overall poor customer service? Those are just a few reasons why so many are shifting their patronage from traditional banks to credit unions. As not-for-profit cooperatives, credit unions centralize around quality member experience, community needs, and better rates.
A federal credit union (FCU) is a credit union that is chartered under the Federal Credit Union Act and governed by the National Credit Union Association (NCUA). The NCUA is a federal agency that was created in response to the Federal Credit Union Act of 1934.
There are many ways you can use your money to reach your financial goals. However, some require sacrificing the liquidity of your money. For example, if you invest in real estate, you may be able to earn money down the line, but that money will no longer be in a liquid (read: available) state. If you need it for your emergency fund, you’ll be out of luck.
Online banking may seem daunting or unnecessary, but the benefits far outweigh the minimal drawbacks. Simply put, online banking, or internet banking, allows you to do almost anything you could do at a bank through a computer or mobile device.
Nowadays, banks, credit unions, and other financial institutions offer both online and mobile banking. Whether you need to check balances, manage your savings account, transfer money, or make payments, you can do it all from the convenience of your mobile device.
It started with community banks and cooperative banks. Their goal was to provide financial services that would benefit their members and in turn, would benefit the institutions themselves by enlarging their customer base. Forty years ago the concept of making banking more convenient started taking advantage of modern technology, and convenience is still one of the biggest internet banking benefits.
Imagine driving home from a long trip. You pull over to a gas station only to find your credit card denied. An email alert pops up on your phone telling you your account is low on funds. Using your mobile banking app, you transfer funds between personal accounts, wait a few moments, and voilà, your card magically works again. This is the importance of online banking