Throughout the next couple of months, we will be sharing a blog series highlighting the top eight reasons you should break up with your bank and consider joining a credit union.
Reason #1: Transparency vs. Hidden Fees
“I love paying fees!” Said no one ever. The truth is, every financial institution has fees of some kind, but do you know about them? Is your bank being transparent and upfront with its fee structure or are you left feeling surprised when you look at your monthly statements?
Before opening any new account, be sure to read the fee structure and schedule very thoroughly. Is the information easy to read and digest? If it’s written in financial jargon or you need a magnifying glass to read the small print, those are signs that it might not be the right bank for you.
Not only are bank fees usually higher, some banks hide fee structures in small print within account disclosure pages, making them difficult to find, read and understand.
Credit unions on the other hand, have easily accessible fee disclosures that are straightforward and understandable. Additionally, credit unions have lower transfer fees, and more often than not, no ATM fees.
Remember, owners of credit unions are members just like you, so you can rest easy knowing your best interests are top of mind. Transparency is just one of the reasons that Americans continue to become credit union members. Keep reading our series weekly to learn more about why you should break up with your bank!
Learn More Reasons To Love Credit Unions