Hello and welcome back to the blog here at Tonawanda Valley Federal Credit Union! We’ve talked a few times about mortgage loans and personal loans at large, as well as quick reference guides to auto loans. So, we thought of giving our readers who may not be members a quick reference guide as to why they should join up with a Federal Credit Union, instead of a Traditional Bank.
In the vast financial landscape, traditional banks have long been the go-to for many. But there's a rising star on the horizon: credit unions. The surge in popularity isn't just a trend; it's a testament to the unique benefits we offer our members.
A Closer Look at Credit Unions
What is a Credit Union?
At the core, a credit union is a member-owned financial cooperative. Unlike banks, which operate for profit, we prioritize the needs of our members. This fundamental difference in structure and mission sets us apart in the financial world.
Key Benefits of Choosing a Credit Union Over a Bank
Personalized Service
Being member-owned means credit unions inherently focus on you. We’re not just about transactions; we’re about relationships. This results in a more friendly and individual banking experience, emphasizing community ties and your well-being.
Competitive Interest Rates
Let's be clear: everyone wants their money to work harder for them. While we won't dive into specific numbers, credit unions often edge out traditional banks when it comes to interest rates, be it for savings or loans. Here at TVFCU, we even have the best rates around and are proud to show them off. Check out our rates page to learn more!
Lower Fees
Ever felt nickel-and-dimed by bank fees? Credit unions often have a leg up here, offering more favorable terms and fewer fees. It's a refreshing change from the norm.
Community Focus
Credit unions are deeply rooted in our communities. We understand local nuances and needs, making us a financial partner that genuinely gets you.
Financial Education and Workshops
Empowerment through knowledge. Credit unions often prioritize educating their members, ensuring they're equipped to make informed financial decisions.
Considerations When Choosing a Credit Union
Accessibility and Convenience
Modern banking is as much about digital convenience and security as it is about brick-and-mortar accessibility. With our app, members have a suite of online banking features at their fingertips, available for both Apple and Android with robust security through multi-factor authentication using your Touch ID or Face ID.
From viewing check images to online loan application processes, it's banking made easy. And yes, transferring funds and accessing e-statements are just a tap away. Learn more about our accessibility and security at our Online Banking page!
Membership Requirements
So, who can join Tonawanda Valley Federal Credit Union? If you live, work, worship, or study in Genesee County, or are associated with select employers, you're in! And if you're family to an eligible member? You're welcome too. Just remember, while there's no membership fee, a $5 balance in your savings account keeps your membership active. It's a small step towards a lifetime of benefits.
Making the Switch: Transitioning from a Bank to a Credit Union
Switching might seem daunting, but with a bit of preparation, it's smoother than you think. Start by listing all your recurring payments and direct deposits. Inform your employers and service providers about the change. And importantly, keep both accounts active for a while to ensure a seamless transition.
Why Choose TVFCU
Choosing between a credit union and a traditional bank isn't just about comparing services; it's about aligning with an institution that understands and prioritizes your needs.
Here at Tonawanda Valley Federal Credit Union, we’re always happy to help. You can give us a call at 585-343-5627 or 800-722-8224, or by reaching out via our contact form.
Ready to start your transition to a credit union? We're here to help. Remember, the best time to start planning for your future by switching is now. Let's secure your tomorrow, today!
As you navigate your financial journey, remember to weigh the benefits with your personal priorities. After all, as your financial partner, we’ll empower you every step of the way.
