After reviewing your most recent bank statement you might be thinking to yourself, “there has to be an alternative to all of these bank fees!” Joining your local New Bedford credit union can help you to save on some of the fees that are typically charged by traditional banking solutions, while providing you with unique opportunities that you just won’t find at a typical national bank. Before you open a credit union savings account or checking account, take a look at some of the things that you can expect when you join. You might be surprised to learn how differently a credit union operates, while still providing all of the services and choices available at your big bank.
#1 – Lots of Choices
Many people think that when they join a credit union, that they will be cutting themselves off from the opportunity to use ATMs or be part of a larger network, as they would with a big, national bank. The truth is that there are over 7,000 credit unions currently in operation throughout the United States, each with its own distinct advantages and opportunities.
#2 – You’re the Boss
That is not a typo. When you join your New Bedford union, you join as a member – not a customer. You have a say in voting each year for the board that operates your credit union and because every credit union is run as a non-profit organization, any profits that are made on fees or loan interest income gets returned to the members in a number of different ways. Some of those advantages include lower loan rates, higher credit union saving account interest rates, reduced fees, etc.
#3 – Lots of Freebies
While each credit union is unique in its offerings, you are likely to find lots of freebies available to members including free checking, free debit cards, lower loan rates, increased savings account interest rates, free credit cards and more. Ask your New Bedford credit union representative about the perks of joining St. Anne Credit Union as a member.
#4 – Traditional Options + More
You can use all of the same features and options at your credit union as you would at your bank. Credit union online banking, savings accounts, checking accounts, certificates of deposit (CDs), money market accounts and even IRAs. Bonus accounts include a Christmas Club savings account for holiday shopping, which is available at St. Anne, motorcycle loans, RV loans, airplane loans, home equity loans, auto loans, mortgages and health savings accounts.
#5 – Truly Local Offices
The whole point of a credit union is to create a financial opportunity for locals. For example, St. Anne Credit Union opens its membership to people who work or live in Plymouth or Bristol counties in Southeastern Massachusetts. In New Bedford the credit union is located on Union Street. Enjoy local credit union hours in New Bedford, speak face-to-face with credit union representatives, call on the phone or take advantage of your credit union’s online banking options.
#6 – Affiliated Credit Unions
While St. Anne opens its membership based on where its members live or work, other credit unions are designed to work specifically with certain employee groups. Some of the groups served by local credit union savings accounts and checking accounts include military, municipalities, universities, major employers, teachers, realtors, religious groups, public service personnel and more. Membership is extended to family members of the people who work for these employers as well, offering a wide range of opportunities.
#7 – NCUA Accreditation
Similar to the banking industry’s FDIC, which insures deposits up to $250,000, credit unions have the NCUA, which is the National Credit Union Administration. Only join a New Bedford credit union like St. Anne Credit Union that belongs to and is insured by the NCUA. You can see the NCUA logo at the bottom of this website.
#8 – Getting Started
To open a Share credit union savings account, which is what is required in order to join, you must make an initial deposit. Most credit unions require somewhere between $5-50 to get started. If you prefer to do your banking online, make sure to choose a credit union with online banking features and other conveniences. Things like making online transfers, online bill pay and e-statements are things we often take for granted.
#9 – ATM Fees
If you hate paying ATM fees – and who doesn’t? – you will be pleased to discover that credit unions belong to a nationwide network of surcharge-free ATMs called CO-OP. This is the largest credit union-only ATM network, featuring approximately 28,000 ATM locations nationwide. Deposit-accepting ATMs are in this network as well as over 5,000 locations at 7-Eleven convenience stores across the US. Look for ATM symbols that include Cirrus, NYCE, PLUS and Pulse networks.
#10 – Location Details
Visit the website or call your local representative at St. Anne to find out more about credit union hours in New Bedford as well as other opportunities at your local branch. If this is your first time opening a credit union savings account, make sure to ask about credit union online banking or anything else that is of interest to you.
St. Anne – Your Local New Bedford Credit Union
Contact St. Anne Credit Union in New Bedford to open your new credit union savings account or checking account. Make sure to ask your representative about any other options or opportunities that you are interested joining, participating or investing in as a member. You might be surprised to discover all of the unique ways that your local New Bedford credit union can help you to improve your financial health and grow your money wisely. Join today to receive the full benefits of membership.