Many still perceive credit unions as small-scale operations focused mainly on car loans and savings accounts. Nevertheless, modern credit unions provide full-service financial offerings rivaling traditional banks while emphasizing ethical values over profits. Features like shared branching and remote deposit now deliver seamless convenience as well. Yet even long-time members may be unfamiliar with the extensive capabilities available at contemporary credit unions extending well beyond checking cashing or CD purchases.
Surprisingly Great Mortgage Rates
Mortgages sit among the best-kept rate secrets at credit unions like US Eagle FCU, with 30-year fixed options averaging around half a percentage point below large banks for borrowers with excellent credit. That savings equates to tens of thousands less in interest payments over the lifetime of a mortgage. Even adjustable rate mortgages and shorter-term products come at preferential rates. Streamlined pre-approvals help members negotiate home purchases from a position of rate assuredness. Whether buying first homes or refinancing existing mortgages, all members should default to checking a credit union quote first. You might be surprised just how much lower payments could run.
Discounted Entertainment and Travel
As member-owned cooperatives focused on service over profits, many credit unions subsidize special discounts on popular entertainment options and travel bookings. From theme parks and movie theaters to resort packages and rental cars, members gain access to exclusive pricing generally 10-25% below public rates. Discounts apply for local attractions and events, as well as major destinations like Disney World and Las Vegas. Savings effectively provide free vacation fund contributions that are usable almost anywhere you play. Before paying retail for your next amusement outing or getaway, check your credit union’s current promotions.
Wealth Management and Investment Services
While credit unions foundationally provide basic savings and lending products, they now offer sophisticated wealth management as well for qualified members. Through trusted registered investment advisor networks, members gain access to professional portfolio structuring and management tax-optimized to sync perfectly with already established credit union lending solutions. Advisors provide transparent fee breakdowns based on account balances and risk tolerance spectrums selected. Unlike some institutions luring members into questionable investment schemes, credit union advisors follow ethical standards that put client interests decisively first.
Business Lending Services
Entrepreneurs needing capital to launch or expand small businesses frequently turn first to credit unions before considering risky alternative lenders with exorbitant rates. Credit unions structure both short and long-term financing creatively aligned around projected cash flows specific to each applicant’s unique situation. Products span micro loans, lines of credit, commercial mortgages, equipment financing, and SBA lending alongside paired checking accounts with cash management tools. Nurturing local business dreams creates community prosperity for all members.
Insurance Products Protecting Family and Futures
While credit unions don’t function as full-scale insurance agencies, they do broker discounted policies protecting both assets and lives in partnership with highly rated carriers. Products span auto, home, rental, life insurance and long-term care solutions tailored competitively based on each member’s evolving needs over decades of relationship. Avoiding over-coverage and elevated premiums focuses on securing vital protections first. As with all services, the emphasis resides in structuring optimal safeguards rather than sales volumes.
Conclusion
Contemporary credit unions deliver comprehensive financial services matching traditional banks in sophistication but focused first on enriching members’ lives. Far beyond just savings accounts and used auto loans, credit unions now provide specialized guidance navigating major milestones like college savings, home buying, retirement planning and more. Lesser known offerings encompass discounted entertainment access, customized lending and even insurance and investment brokerage through trusted partners. Discovering everything a credit union offers today could reveal helpful new capabilities that improve financial outcomes across the household lifespan.
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