Choosing to Bank Local: What’s In It For You?
You've heard about banking local but how does it benefit YOU? Read on to learn how switching to a local credit union can help improve your financial life.
If you’re alive and kicking in 2018, chances are you’ve heard of the going local movement. You’ve seen the commercials and the decals proudly displayed on storefront windows, but what does going local mean for you? Why should you make the switch to a local credit union? Let’s break it down.
You’re probably paying more and getting less at your big bank.
Banking at a credit union works just like banking at any big bank. You have your checking accounts, savings accounts, you can apply for auto and home loans, credit cards, refinance and more, but credit unions are unique by design. Because credit unions are member-owned and not-for-profit, credit unions return any profit back to its members in the form of better rates on loans, better interest rates on savings, better terms on credit cards and fewer or no fees on services.
In 2016, an NCUA report showed that the average interest rate for a 60 month car loan at a bank was 4.72% APR while credit unions had an average of 2.70% APR on the same loan. If you took out a $25,000 loan, choosing a credit union could save you $1,300 on interest over 60 months.
Credit unions get you, when big banks don’t.
Applying for a loan can be a pretty daunting task, especially if you really need it and you’re not sure if you’ll be approved. While a big bank leaves most of their loan approval decisions to computer algorithms, credit unions often take into consideration other factors in an individual’s life when making a determination on approval. Locally-owned financial institutions like credit unions, have the exceptional ability to create stronger bonds with the community, thus, having a better understanding of the wants and needs of the people they serve. The not-for-profit factor in credit unions really puts an emphasis on what's best for you, not them.
Your home is their home.
Credit unions, like Hughes, understand that their success lies in the health and prosperity of their communities which is why they are so heavily invested in helping improve the financial lives of the people in their area. Whether it’s through generous sponsorships to local organizations and institutions or empowering youth through financial education, credit unions give back with an aim in improving your backyard because it’s theirs too.
Your money goes where you go.
You might be thinking, “Credit unions sound great, but I need access to my money when I’m not home.” Choosing to bank at a credit union like Hughes, doesn’t mean you don’t have access to your money when you travel. Through the CO-OP Shared Branch and ATM Network, credit unions like Hughes actually offer its members access to over 5,000 shared branches and nearly 30,000 surcharge-free ATMs. But is there an app for that? Yep! Hughes lets you bank when and where you want, giving you access to your money anytime with online banking and mobile banking.
Now that you know what’s in it for you, are you ready to bank local? Simple and seamless. You could join Hughes Federal Credit Union and start getting more with your money today. Visit HughesFCU.org/Switch to make the move.