5 Ways a Dallas Credit Union Can Help You Better Manage Your Money

March 16th, 2016 by

Do you live in Dallas? Have you been considering switching banks? Or maybe you have heard of credit unions but don’t really understand the difference between banks and credit unions? You could be missing out. Credit unions are not banks. While they offer many of the same products and services, the way they function is different. Profits go to members like you instead of stockholders, and that changes everything. In other words, there are benefits to being a member of a credit union.

Here are five ways credit unions can help you better manage your money.

Financial Education

When you join a credit union, you become a member. That means that all the fees you pay go back into the credit union and are either reinvested or distributed as dividends. Banking is different, profits go to shareholders. This change in focus means that a bank can actually prosper when some of its members struggle, while credit unions do not. As such, most credit unions offer free financial education through online resources, workshops, seminars, and different publications to help members gain financial literacy and understand how to manage money responsibly.

Money Management Resources

In addition to helping you understand how the credit union’s products and services can help you better manage your money, most credit unions also provide a variety of money management resources. This may be done through a formal program, like Lone Star Credit Union’s BudgetSmart program and online tools like this checking account reconciliation worksheet.

Individual Advice

Credit union members also enjoy personalized advice. Most credit unions are considerably smaller than banks, so it is easier to establish a relationship with the credit union employees. In fact, most credit unions take this enhanced relationship so seriously that they are happy to offer individualized advice based for your personal situation on a one-on-one basis just by calling and asking to make an appointment with a credit advisor.

Automatic Services and Products

Credit unions also generally offer a range of products and services to make managing your money easier. This could include programs that have you save the change from every transaction into a savings account, make automatic withdrawals to your savings account, or transfer savings into a retirement account automatically.

Lower Fees and Better Rates

Lastly, credit unions also help you better manage your money by providing lower fees and better rates than traditional banks. They do this by reinvesting dividends earned, and members win. Around 72 percent of all credit unions have free checking while less than 40 percent of banks can say the same. Savings account rates also tend to be higher and loan APRs lower.

Credit unions are a great choice if you need help managing your money. They can help you develop financial literacy while providing personalized attention so you can sure you are making the right financial decisions for your future. Credit unions also offer money management resources and automatic services to make staying on track easy while providing lower fees and better rates.

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