When you realize that your bank keeps growing in size and becomes more and more international, you might need to make a change. You probably feel like you need a smaller institution to satisfy your more basic needs. There are several reasons you might want to search for a smaller credit union as opposed to your current bank. You might want to use a credit union for lower fees, increased savings rates, or an overall better customer service approach. You should research credit unions in Elmhurst, to find exactly what you need.
Size Matters
You should know that you are more likely to get the best customer support from smaller businesses. If you get a loan from a bank, you might have a bank that can vary in size from a small local bank, to huge international corporations that have hundreds of locations. This can surely feel overwhelming, and intimidating. This is why when you choose a credit union you can expect a smaller company that caters to a local community, rather than a national population. While larger institutions have the funds and means to offer more services and features, when it comes to loans, choosing a smaller option, such as a credit union, should prove to be more beneficial for your everyday fundamental financial needs.
Different Account Options
Banks and Credit unions offer different types of account options. Credit unions differ from banks in some basic ways. Credit unions use terms such as share account, which makes you a shareholder of your account. Credit unions also use the word dividend. Dividend refers to the interest paid on your savings account. Share draft account is another term that means you are writing a draft against your shares. Banks also do not use the term volunteer board of directors which refers to the board of directors who volunteer their time. Lastly, the term not-for-profit is not used by banks, and it means that you get lower fees and reduced loan rate because credit unions are designed to help members. You can see that credit unions are a better choice for your personal needs.
If you are looking for credit unions in Elmhurst, please visit Leyden Credit Union.
