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Credit Union Services Offered at Good Rates
Michalis 'BIG Mike' Kotzakolios

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The average credit union offers the same services that a bank does, but very often at better rates. That means higher interest rates on investments and lower interest rates on loans. Credit union services are worth looking into if you want to open a new account. The first thing to know is that to open an account at a credit union, you must meet the criteria that the bank requires for you to join. Unlike a bank, where anyone can open an account or ask for a loan, credit unions only accept people who fall into the specific category, by profession or location, which their charter allows. If you do, then the credit union services will be available to you.

Like a bank, your credit union services will include everything from opening checking and savings accounts to taking personal loans, investing your money, getting a credit card, or having access to an ATM. The differences are often in the costs of the services. They will be less. This is in part because most credit unions are set up to be run by a volunteer board that consists of members of the credit union. This is important because, although the credit union is run by professionals, the financial institution is run for the members by the members. This is one of the things that make credit unions so different from banks.

A person who wants to use the credit union services of the financial institution that they have joined needs to understand that the money they put into the bank becomes available to those other members who want to take a loan. This is how they generate the interest a member makes on their savings account. Credit unions are encouraging new members including commercial accounts to keep themselves growing. You will be pleased to know that the credit unions offer many benefits for those who bank there including life insurance on loans, easy to get personal loans with quick turn arounds on decisions times and easy access to credit cards with varying limits. Credit unions offer everything that the local banks do, they just do it better!

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