Credit unions are institutions very similar to banks, except for the fact that each member is a part-owner. They encourage members of the community to come together to help support others in the community reach their business and financial goals. You may receive more customized, personal, and quality service and communication utilizing a credit union, and we’ll explain why!

3 Benefits of Banking With a Credit Union

1. Treated Like Family

A credit union does not have stockholders who fund their business. Instead, each member becomes an integral part of the community that helps the business thrive. Because of this, the member service representatives are much more personalized in their approach. They often go above and beyond to make sure each member is satisfied and receives guidance in reaching their financial goals. 

2. Lower Fees

Banks can charge high interest rates and fees on accounts as part of their “for-profit” approach. Credit unions, however, tend to have lower account fees including overdraft, ATM, and loan rates. Their goal is to help their members keep their money, not take it to make a profit.

3. They Work With Bad Credit

If you have poor credit, you can have a tough time opening a line of credit, checking account, or getting a loan. Credit unions are usually more willing to work with you and find terms for your situation. Members who have very challenging credit are counseled on how they may improve their credit to get a loan. Special share-secured credit may be available to members rebuilding their credit. 

At Estacado Federal Credit Union in Hobbs, NM, they consider each person more than just a number. Instead, you’re a member! They have been offering secure credit union solutions since 1953 for residents, employees, and students in the area. Whether you’d like to open a checking or savings account, get a personal loan, or VISA®, this company has you covered. Speak to an experienced member of their team about starting a new account by calling (575) 393-1596. For more information on their offered credit union services, visit their website.