Credit unions are financial cooperatives, which belong to members. The members control the institutions democratically; they operate with an aim of providing credit, promoting thift and providing financial services for members. The credit unions further provide services that support development of the community or international development that is sustainable. Worldwide different credit unions differ in their amount of total assets and asset size. They operate along other co-operative and mutual organizations that engage in cooperative banking, for instance building society. Credit unions select their directors by conducting a system where each person votes for the preferable despite the amount of funds they invest. In most cases, members of the union are the only ones who should borrow or deposit money. According to the surveys of customers, credit unions achieve a high customer satisfaction with the quality of services that they offer. They offer great member service, and assist the members in improving their financial institution.
Types of loans and deposit services that Canyon State credit union provides
Canyon State credit union offers a variety of services which range from savings accounts, checking accounts, affordable loan rates, home mortgage loans and loans for other occasions. These services have different features in comparison to the usual banks. Credit unions offer almost similar services as banks the difference being their service rates and the range within which they offer their services. The major difference between the banks and credit unions is that credit unions concentrate on the community and aim at serving people. In addition, their mission is not making a profit for its members.
In regard to savings accounts, the credit union assist people save money in order to be able to meet the financial goals that they desire. The credit union has several savings accounts. Share accounts are a basic savings account which makes it possible for money to earn a competitive return. In this account, the amount in the savings account will earn a return at a certain rate as the union provides. This attracts a good number of clients who would prefer to make a deposit where there will be a return on the amount that they choose to save.
The credit union also offers several checking accounts, which are also share draft accounts. In these accounts, there are no service charges or a limit to the minimum balance. This is of great advantage since more money will be available in the customer’s pockets since they will not require much so as to make a deposit. In some cases, the free checks, and some of the accounts provide an interest. The accounts also come along with direct deposit, VISA debit cards and further provide overdraft protection ultimately in the checking services.
Canyon State offers loans at affordable rates. Everyone at a set time will be in dire need of a loan, and mostly credit unions are very friendly institutions. The credit union offer favorable interest rate that is lower that what other lenders offer. The credit unions aim at assisting the local community in the society for this reason; they try their best to assist them through providing lower rates. The credit union offer competitive rates ensuring that they remain the most affordable. This happens by regularly reviewing their rates in comparison with the rates of other lending institutions.
Credit unions provide mortgage loans to individuals who want to be homeowners. The average person cannot afford a home on a cash basis. The credit union makes this easy by providing loans in the form of mortgages necessary for building a home for customers.They provide efficient home financing, ranging from a rate that is adjustable to 30 year mortgages with a certain rate. The package differs with the various credit unions. Other unions might offer a much lower rate than other financial institutions, depending on their cost of offering services and their growth rate.
The credit union offers other services in the form of types of loans which include; loans of home equity, home improvement loans, boat loans, motorcycle loans, consolidation loans and signature or personal loans. These varieties of services provide individuals with easier means of accessing funds in affording a comfortable life. Most individuals require these services in order to conduct their everyday activities.
The credit union provides other credit services
Payroll deduction is a service that allows an individual to be able to deduct whatever amount from the paycheck into a savings account in the credit union. It also makes it possible for payment of loans given by the credit union. This simplifies the process of acquiring services from the credit union since it will be easy to maintain their accounts.
The credit union provides for direct deposit. This means that there will be no lining up on the payday, no loosing checks and it is not easy for one to forget depositing a check. This is possible if one has paychecks, social security checks and any regular payments that are sent to the credit union accounts directly. This is beneficial to the individual since their money will immediately start earning. This makes things easy for the credit union’s customers; they get to receive services at a faster rate saving them a lot deal of money and time.
The union offers other special services such as; Automated Teller Machines, Audio Response Systems, Electronic Tax Filing, credit cards, mutual funds, travelers check, money orders and debit cards, Insurance Coverage Plans, Personal Financial Planning, money orders and share certificates.
Canyon States credit union deposit and loan rates
The credit union is offering favorable rates when offering loans and on the deposits. This gives it an upper hand over other competitors. It highly takes into consideration its customers need ensuring that it offers high satisfaction to its customers. The union does its best in reducing the cost of providing services so as to offer the customers affordable rates.
Banks offer substantially high rates in the provision of loan and on the deposits. In most cases, they do this due to their high cost of offering services and the fact that they also aim at making huge profits. The credit unions make it their duty to help the community hence making huge profits is not a priority. The unions in most cases also prefer having a large number of customers which will make them relevant in the market for a long period.
Is there a difference between a checking account at a credit union and that from a bank/
The checking accounts are all the same in the banks and credit unions. They have no significant difference since they possess the same features and functions. Credit unions offer affordable rates hence this might be the only difference depending on the credit union; that the return rate in the checking accounts might be slightly higher in the credit union. This is because banks will want to offer the least return rate because of the desire to make a lot of profits. Their concentration would be maximizing returns rather than customer satisfaction. The credit unions, on the other hand, would want to offer maximum benefits to the customers hence providing a higher return rate with the aim of retaining the customer. They value customers and work towards serving the interests of the members. The checking accounts both in the bank and the credit union serve the same purpose of saving money for the citizens with no minimum requirement for the minimum amount that should remain in the account.
Most individuals benefit from the services that credit unions offer. Individual prefer financial institutions that put into consideration their living standards and find ways of improving their lives. The credit unions do not concentrate on profit making rather they concentrate on offering beneficial services to the community.The average individual would prefer to save in credit unions since they will get maximum benefits. In banks, the cost of receiving the services is high, increasing the returns.
Canyon States credit union seeks to serve its people in providing services and meeting the customers needs and satisfaction. The services that the credit union provides benefit the people and highly attract more customers. This makes the unions have a competitive edge being able to retain and attract more customers.
The learning opportunity of this article is to understand credit union whether you are a student or a general reader this article will inspire and help you reflect on credit union and how to respond to questions pertaining to credit union.