Credit Unions were, at one time, difficult to join and not widely understood. Today, there are credit unions all across the United States, and with membership opportunities that are less restrictive than they used to be. Most credit union opportunities were for the members of a specific church or employer. For instance, the Catholic Credit Union, required you to be a member of a Catholic Parish. Today, they also accept a wide number of employers that will qualify your membership into the credit union. Having a family member that is part of the parish or works for a particular company can now be enough to qualify you. ARC Federal Credit Union is in Altoona, Pennsylvania and membership has its benefits.
Credit unions are unlike banks in that they are for non-profit. They work for their members, not a board of directors. With fee free checking (also known as draft) and savings accounts, their accounts pay higher interest and they charge a lower interest rate for standard loans. Like a bank, your deposits are protected up to $250,000. At a credit union, your deposits are insured by either the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Association (NCUA). If you are tired of paying fees every time you write a check, make a deposit or use the ATM you might consider opening a Credit Union Checking Account Altoona PA. You do not have to keep a minimum balance in your account to receive the free benefits. With benefits such as a free debit card, no monthly fees, unlimited check writing and free on-line services, it is hard to understand why someone would use a bank. Over-draft protection is also available, should the need arise.
Originally, credit unions began as an experiment built around a simple concept. Co-op members pooled their money in order to make loans to one another and as a way to make people financially independent, teaching them how to borrow and save their money. Today, there are approximately $10.9 billion dollars being held in credit unions. It is no longer an experiment; it is a successful way for people to control their money. Opening a Checking Account Altoona PA with a credit union has never been easier and it is the smart thing to do with your hard earned money.
Be the first to like.