Saving money is no easy feat, especially when you’re living on a fixed budget. Credit unions are ideal in this case, as they’re more invested in building a solid relationship with clients. They also offer numerous benefits over traditional banking institutions, as illustrated by the information below.

A Common-Sense Guide to Credit Unions

What Are They?

While credit unions and banks do have some similarities, there are a few key differences that can make credit unions more attractive to many customers. For instance, they are considered non-profit. That means you’ll receive better rates than are typically afforded by traditional banks. they also prioritize their members, which gives them greater leverage. Conversely, banks are beholden to stockholders, which means decisions will be based on their input.

What Are Some Benefits Associated With These Institutions?

Because of their unique formation, credit unions also offer several benefits. Perhaps the greatest advantage is that fees are often much lower. For instance, charges for withdrawing money from an ATM are not usually levied by credit unions. Fees for transferring funds are also usually minimal, as are those associated with over-drafting your account.

Another plus of working with a credit union is that your credit score will not have as much of an impact as it does at banks. People with bad credit often find it difficult to obtain loans through traditional channels. A credit union will work with you and your existing credit score to get loan options that fit your circumstances. They will also help you correct problematic spending habits with budgeting programs.

Are you tired of excessive fees associated with many banks?  Then the Hawaii County Employees Federal Credit Union in Hilo can help you achieve your financial goals by treating you like a valued customer. They have more than eight decades of industry experience, offers several advantages, and is willing to work with locals. If you want to learn more about becoming a member, feel free to call (808) 935-2969 today. You can also visit their website for more information on their services, including information on how you can apply for a loan.