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Credit unions have been in existence for a long time and have become increasingly popular in recent times, for good reasons. There are over 5000 credit unions with more than 100 million active members. A credit union is a financial institution that isn’t intended for profit. It is member-owned and does not seek to gain profit for shareholders. Members of the union offered the profit as lower rates on loans and other financial services. Also, members enjoy interest rates on deposits higher than banks. Colorado credit unions alone have more than 2.1 million members, 81 credit unions, and 300 branches.
5 Facts about Credit Unions of Colorado
- Membership Ease
Credit unions are relatively easy to join. You can join the union if any member of your family is currently a member of the union or if you live or work in certain geographical regions like Boulder and Denver. If you do not fit into any of these categories, Colorado credit unions usually have a list of employers, education establishments, and government agencies that are eligible to join. You may be eligible to join more than one credit union. Joining is as easy as making an initial deposit of $5 into a savings account.
- Lower Fee Rate
Credit unions usually charge lower rates than banks. Unlike banks, they are not under any pressure to increase the earning of the shareholders, so they don’t charge as much as. The loan rates are also lower than banks for members. High bank fees can be a thing of the past with Colorado credit unions. They also provide members with lower loan rates than banks.
- Higher Savings Rate
Colorado credit unions do not pay any tax on their earnings. This makes it easier to pay their members interest rates that are higher than banks can. Remember, it’s not for profit, so higher rates are paid on member savings.
- Customer Service
On America’s annual Customer Satisfaction Index, credit usually ranks close to the top, defeating banks. They may charge lower fees, but it certainly doesn’t affect customer service and satisfaction.
- Convenience
If you are particular about convenience, there are over 300 credit unions branches in Colorado for your convenience. Most credit unions belong to ATM alliances that allow you to use the machines at no cost. Many also offer online banking services.
Conclusion
Credit unions’ services now rival those of traditional banks. More people are joining unions as soon as they are eligible. Now that you know about credit unions in Colorado, don’t hesitate to find the best fit for you.
