Guest Post: Why You Should Move Your Money to a Credit Union

Choosing where you bank is one of the most important decisions you can make with your money. After all, it's the foundation of your family's finances.

Finding a Better Banking Option

You want a banking system that allows you to take care of your essential bills, save up for important goals, and set aside something for fun, like vacations.

Unfortunately, too many families are not just unhappy with where they currently bank but getting hurt financially.

• ATM fees: Accessing your money can get pricey if you need to use an out-of-network ATM. Besides being charged by the ATM operator, your bank may add their fee, which currently averages $4.66 a transaction. 
• Overdraft fees: These fees were in the headlines years ago because certain banks reordered how checks were processed. Quite a few customers saw a cascade of overdraft fees hitting their accounts (the median fee for an overdraft is around $34).

When you consider them together, these fees can slowly drain your account instead of helping you grow it. Even if they're sick and tired of the unnecessary fees, sub-par customer service, and low rates offered for saving, many people stay because they think there's not a suitable banking option out there. The good news is that you can get better services and competitive rates by moving your money. One overlooked option that can give you both is switching to a credit union.

How Credit Unions Can Benefit You

Let's start with how credit unions are structured compared with banks. Banks are for-profit institutions owned by investors. Because of that, banks serve their investors. On the other hand, credit unions are cooperatives owned by the members. As a non-profit, when the credit union has a good year, they reward its members instead of rewarding shareholders as a bank. Credit unions can do this by offering lower interest rates on loans, fewer fees, and higher rates for savings.

How to Move Your Money to a Credit Union

If you're ready to make a move and are comfortable with knocking it out at once, then go for it. You'll get peace of mind having your money at a place that respects you and offers competitive rates. One suggestion I make when switching is to start with your savings account. It's typically more straightforward than checking, and it can also be rewarding if you're getting better interest rates at the credit union.

Once you've moved over savings, you can try to time your switch with checking by looking for an opportunity like a month with three paychecks. You can then spend one evening switching over your bill pay to take care of essential expenses and minimize disruptions.

Explore the Bonus Benefits of Being a Credit Union Member

Besides offering some of the essential accounts of a big bank, like checking and savings, there are also amazing deals you can score with your credit union. For example, did you know that Coastal has Daymark Realty? Their real estate team is focused on assisting you in buying your dream home and maximizing selling your current house, as they have lower rates with commissions. That means you keep more money in your pockets while still getting top-notch service! 

Thinking of buying a car soon but hate haggling at the dealership? Coastal has an incredible AutoSmart tool that makes it easy to find vehicles in the area within your budget quickly. We used it to buy our last car, and it really was that simple. We examined the car, spoke with the dealer who honored the price, and walked out with a great vehicle!

All these benefits meant our dollars went further, and we could hit our financial goals faster. If you're ready to become a member, you can sign up with Coastal here!