What Does a Credit Union Offer?
Credit unions were created to offer low-rate loans as an alternative to large banks. Most credit unions offer loans at lower amounts than banks and to a wider range of consumers. Here is a list of loan types offered by many credit unions:
- Vehicles (Car, Truck, Motorcycles, Boats, ATVs, RVs, and Travel Trailers)
- Personal (Use for vacations, weddings, bill consolidation, school and college expenses, or whatever your needs are. Your choice.)
- Credit Cards (Rates are generally lower than banks with same benefits and rewards program)
- Mortgage & Home Equity (Purchase, refinance, new, used, conventional, FHA, VA, etc.)
- College (Some credit unions)
- Business (Some credit unions)
Savings and Checking
Credit unions are a great source to save your money and earn higher rates. Deposits are guaranteed up to $250,000 by the National Credit Union Insurance Fund, backed by the federal government, or private insurers. Most credit unions offer share draft accounts which are the same as checking accounts that include all the products and services you need to manage your transactions such as debit card, online banking, mobile banking, electronic statements and more. Credit unions offer a wide range of checking accounts from FREE checking to high interest earning checking. Some offer business checking as well. Here is a list of the typical deposit type accounts offered at Houston area credit unions:
- Savings (Share)
- Checking (FREE to high interest earning)
- Certificate of Deposits
- Individual Retirement Accounts (IRA)
- Money Market
- Business Savings & Checking
Shared Branching & ATM Networks
Credit unions work with each other to offer to provide more services to all credit union members. The Shared Branch Network is a coop of credit unions that share their branches with other credit unions. If you travel to another state or just across the Houston area, you could make a deposit or withdraw from your credit union at another credit union’s branch. Click here to learn more and to find a shared branch center near you. (https://co-opcreditunions.org/locator/?ref=co-opsharedbranch.org&sc=1)
Many credit unions expand their availability to surcharge-free ATMs by joining an ATM Network. To name a few, the All Point ATM Network offers more ATMs than any single national bank. The ATM Coop also offers a large number of surcharge-free ATMs. Similar to the Shared Branch Coop Network, credit unions share their own ATMs to other credit union members. When you search for a Houston area credit union, be sure to inquire which ATM Network they offer.
Other Great Products & Services
Similar to other financial institutions, credit unions offer supplemental products and services to make managing your money and financial goals easier. Here is a list of some of the products and services offered at Houston area credit unions (not all-inclusive):
- Online Banking with Bill Pay
- Mobile Banking Apps with Check Deposit
- Audio Response (Phone Banking)
- Electronic Statements
- FREE ATMs
- ACH Deposit
- Payroll Deduction
- Person-to-Person Transfers
- Excess Share/Deposit Insurance
- Credit Insurance
- Vehicle Warranties and GAP Insurance
- Home and Auto Insurance
- Investment & Retirement Services
- Discount & Reward Programs
- And much more!
You can see credit unions have all the products and services you need to manage your money and help you reach financial goals for you and your family.
Be sure to ask a Houston area credit union in your area if they offer the products and services you are looking for. Houston area credit unions offer an overall value of products and services. Join a Houston area credit union today!