4 Essential Benefits of Credit Unions

Omaha, the largest city in Nebraska, has all the perks that go with being cosmopolitan- a wide array of entertainment and cultural facilities, a vibrant nightlife and a thriving business landscape. But amidst the progress of this city, it was able to maintain quality living without a high price tag. Omaha’s cost of living is 8% lower than the average. It was even named as one of the most affordable places to live in the US.

Omahans take pride in being financially savvy. A study shows that residents keep 71% of their income, which they can save in an Omaha federal credit union. There are almost half a million members of credit unions in Nebraska, and one of the largest in terms of total assets is in Omaha. 

The number of members is expected to grow in the coming years. Many people are now considering this viable alternative to commercial banks because of the following benefits:

 

  • Credit Unions Have Lower Fees.

 

People in Omaha love a good deal, and their banking preferences are not any different. The way most banks earn money is through their various fees, such as monthly service or loan fees. Credit unions aim to make lives easier for their members by requiring lower fees.

 Usually, transfer fees and overdraft fees are lower than the banks. Moreover, credit unions do not charge ATM fees as well. The small fees charged by an Omaha federal credit union allows their members to add more to their nest egg.  

 

  • Credit Unions Puts Their Customer First

 

Recently, Omaha was named as one of the top 30 most caring cities in the country. Credit unions do not take this recognition lightly. They strive to please their members through impeccable customer service and efficient support experience.

Opening an account in a credit union will automatically make you a member or owner of the credit union. Since the union has a nonprofit model, all endeavors are funneled to customer satisfaction. 

The credit union policies are more customer-friendly and forgiving. An overdrawn checking account or a lower credit score will not mean an end to your financial wellness journey. 

If members find themselves in a difficult situation such as business struggles or temporary unemployment, union representatives will be willing to work with them to find a solution.

 

  • Credit Unions Have Lower Interest Rates

 

The focus of credit unions is to cover their operating costs and not to earn profits. This business model allows them to afford a higher savings rate on deposit accounts and a lower interest rate on loans. A member can save a lot on student loans, mortgages, and car loans. They can even provide further discounts to clients who set up automatic debit arrangements.

 

  • Credit Unions Can Work with Bad Credit

 

Sometimes, unexpected expenses happen, and people end up with bad credit. Getting the service of a bank may seem impossible at this point. However, credit unions will be more willing to work with an applicant despite their bad credit. 

A credit union representative may be able to work around the unfortunate situation. They can provide the best possible route towards a loan or a mortgage. 

The union even offers educational programs that develop sound financial habits and budgeting skills. They will do their best to help their members get back on their feet.

Financial literacy is now an integral part of economic success. A credit union will allow people in Omaha to manage their finances that can secure their future.

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