The Pros & Cons of Joining a Credit Union in New Bedford, MA

If you are thinking about switching from a bank to a credit union in New Bedford, it is important to consider all of the differences between a traditional banking institution and your local credit union. While most credit unions are very similar, they all have different criteria for joining and becoming a member. Credit unions are quite different from traditional banks, yet they offer all of the same opportunities, including checking, savings, and loans. Credit union online banking helps members to access their accounts 24 hours a day, 7 days a week. Many local credit unions are part of larger ATM networks to provide their members access to cash anywhere in the country.

When you join St Anne Credit Union New Bedford, you will notice right away that there is a big difference in the way that our financial institution is run. You become a member, not a customer. As a member, you have a voice in the way that things are run at the credit union. Each member gets a vote, providing an equal vote for board members when an election is held. Consumers are readily turning to credit unions. In recent years, the number of credit union members nationwide grew to a record high with 110 million strong. There are lots of advantages associated with joining a credit union, but it is important to ask questions and compare the options available to ensure you are getting the best deal.

PRO: Excellent Customer Service

Perhaps one of the most important items in the “pro” column is the customer service that you will get from our credit union in New Bedford. The goal of a credit union is to provide members with affordable services. Unlike a bank, which looks out for its own interests, a credit union is a not-for-profit institution, so any revenues that are generated throughout the year, return to the members in the form of reduced fees and lower rates. Member satisfaction at St Anne Credit Union New Bedford is at an all-time high as well. One survey for 2017 showed customers with an 82 out of 100 satisfaction score for credit unions, which was higher than the banking average.

PRO: Lower Interest Rates

When you join St Anne Credit Union, you gain access to lower interest rates for loans and credit cards, as well as higher rates on savings accounts and other savings programs. Ask one of our representatives about our current interest rates or use our credit union online banking website to view the current rates anytime via our website.

PRO: Lower Fees

Compared to most banking institutions, the monthly fees at a credit union in New Bedford will typically be much lower. Again, it is because the not-for-profit status of a credit union provides the means to pass savings on to members through lowered fees and interest rates. This is a huge advantage over traditional banking, which passes its revenues on to shareholders.

PRO: Shared ATM Network

Another big advantage of joining a local credit union is that while the branch may be local, your access to services is nationwide. You can access your credit union in New Bedford anywhere across the country when you join St Anne Credit Union via the SUM ATM network. There are hundreds of locations in New England and thousands more nationwide. Access the network via the SUM Mobile ATM Locator or use the search tool on our website. There are no surcharge fees when you use a SUM ATM with your St Anne Credit Union account card.

CON: Limited Eligibility

There are restrictions as to who can join a credit union, such as being a member of an employee group, an association, a religious group, or a fraternal affiliation. However, this is not a “con” when you join St Anne Credit Union New Bedford, as the only requirement for membership is that you either work or live in Plymouth or Bristol County in Southeastern Massachusetts. Minimum deposit and other information can be obtained by calling or visiting our branch in New Bedford, but you do not need to belong to any special group to join St Anne Credit Union.

CON: Not All Credit Unions are the Same

While this is true of credit unions, it is also true of traditional banking institutions. There are distinct differences between various credit unions. It is important to review all of the requirements, minimums, fees, and options before choosing a credit union – or a bank. When you compare St Anne Credit Union to other local credit unions and traditional banks, you will see a clear difference in the advantages associated with membership. In this age of many choices and opportunities, it is important for consumers to comparison shop with anything that is important to them, whether that includes minimum balance requirements or credit union online banking options.

Join St Anne Credit Union in New Bedford

If you work or live in Bristol or Plymouth County in Southeastern Massachusetts, make sure to stop by our location on Union Street in New Bedford to consider all of the pros and cons of joining St Anne Credit Union. Our team can answer any questions that you might have, provide you with information about credit union loans, checking and savings accounts, IRA retirement accounts, and much more. Give us a call at 508-993-0011 and ask about our current specials and credit union opportunities!