Story after story comes out on a daily basis about how big banks take advantage of their customers. The Ventura County Star newspaper put one out about how customers at big banks can pay as much as four-hundred dollars per year in overdraft fees if they frequently go over the amount that they have available to pay. That of course only adds to the financial squeeze that they are already in. The question is why do we bother with these huge institutions when there are better options out there?
Credit Unions To The Rescue
Credit unions are a much better option for a lot of working people. The purpose of a credit union is to pull the funds of people together to establish something that looks a lot like a bank, but is actually much better. The bank is just in business for itself. It does not care what your problems are, it only wants to extract as much money from you as it can. A credit union by contrast can work with you.
JSC Federal Credit Union is one of the Houston credit unions that is a great example of a place where banking is done right. They work with their customers to provide everything that a bank provides to them, but at a fraction of the cost. This credit union works to keep interest rates low and to make sure that some of those pesky fees such as the dreaded overdraft are something they can work with you on.
Where You Are A Name, Not A Number
Credit unions tend to be localized to their particular communities. They have strong ties to those communities. They actually care about the people that they work with, and they know you not by your account number, but by your name. It is a lot easier for them to give you a fair deal on a loan or other product because they know a little about you.
The big banks may just view you as a credit score and a number on their balance sheet. That makes them very inflexible when it comes to lending out money to you. On the other hand, a credit union can actually drill down to the core of why you need the money, and the true likelihood that you will pay it back.
For People, Not For-Profit
This particular credit union in Houston is for its customers, not for-profit. That is the case with virtually all credit unions in the United States. They are set up as a co-op that makes it easier for you to benefit from being a member. It is basically a community lending to one another and banking with one another.
All of this is a much better way to bank than to go to the big banks down the street and try to get a decent deal from them. Instead, work with a credit union that does not care about putting profits first but instead wants to serve you as best as possible.