Does financial management feel like a losing game? With a financial ally, you can experience financial stability and growth. In stark contrast to your average bank, credit unions not only handle traditional banking functions but also deliver much-needed individual and community support. Read on as we hone in on Arkansas credit union membership benefits.
What’s a Credit Union?
A credit union is very much like a bank, but it’s not-for-profit and owned and operated by the members it serves. It offers services and perks like:
- Checking accounts
- Saving accounts
- Loans (personal, auto, mortgages, small business, etc.)
- Credit cards
- Investment accounts
- ATM access
- Online and mobile banking apps and portals
- Direct deposit
- Financial education and counseling
- Business services
- Community support
- And more
Key Benefits of Credit Union Membership for Arkansas Residents
The benefits of credit union membership are far-reaching. We take a close look at them in the sections below.
Low Fees and High Returns
Credit unions can help you hold onto more of your money. Their account-related fees and loan interest rates put money back into your pocket. Plus, the savings rates are relatively high, enabling you to earn more interest faster through CDs and savings accounts.
Services Personalized to You
Credit unions deliver highly personalized customer service for members. And it’s partly because these institutions are smaller than the average bank and have fewer members. As a result, the staff can allocate more time and attention to each member. After signing up to be a credit union member, it won’t be long before the team knows you by your first name. Cultivating these member relationships is a high priority for the average Arkansas credit union.
Ample Opportunities for Financial Education
Credit unions are unlike standard banks; they educate members on financial literacy and distribute resources to help you help yourself. If you become a member, you could gain access to expert-level assistance with things like debt management, financial planning, and budgeting. And top-tier Arkansas credit unions take things much further than a short conversation whenever you come into a physical location. They create online member resources and head up helpful workshops to give members the information they need at their convenience.
Member Ownership
Because credit unions are member-owned, the members have a say in how the credit union ultimately operates, which areas could be improved, what initiatives are prioritized, etc. Management at these institutions solicit opinions from members through meetings and/or surveys. You’re much more likely to get your needs met at a credit union vs. a traditional bank for this reason.
Ongoing Support and Free Accessibility
Accessibility and support are also very important for credit unions. You can reach your credit union by dropping by for an in-person visit, chatting with them online, calling them up on the phone, or text messaging them – whichever fits your preferences. What’s more, credit union staff members meet you where you are, even if you’re in the middle of a financial struggle. To make their services more accessible, they might waive fees or offer other types of special assistance.
Community-centric Approach
Arkansas credit unions frequently host neighborhood events and develop programs tailored to different groups within the community (i.e. entrepreneurs, young professionals, or seniors). They also help to support community-focused initiatives, scholarships, and grants to enrich members’ lives.
Get started With an Arkansas Credit Union
The benefits of credit unions are numerous, extending far beyond what we’ve covered above. From their low fees and member-centric focus to their personalized services and accessibility, there’s a whole lot to love. Ready to get going? The first step is to find your ideal Arkansas credit union and ask about their services. Soon, you’ll discover that becoming a credit union member is one of the best decisions you can make for your financial stability and community impact.
