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Credit unions are a great financial institution that offer low interest rates and other helpful services. The credit unions in Wichita Falls Texas provide many people with the opportunity to save money and get back on their feet.
As you work hard for your future, take advantage of the free checking account, free savings account, and loans available to you through these institutions. They can help make life easier by providing an affordable way for you to pay your bills each month!
The Ultimate Guide To CREDIT UNIONS WICHITA FALLS
What I can do at a credit union?
There are many great things you can do at your credit union. You can open an account, apply for a loan or mortgage, transfer funds between accounts, make deposits and withdrawals, purchase stocks and bonds, invest in certificates of deposit (CDs), buy insurance policies from the credit union's insurance company. There are also many services that offer members discounts on items like car rentals. A credit union is a cooperative financial institution that provides members with the ability to borrow money, save their earnings, and invest for retirement. If you are looking for something other than your traditional bank or even an investment firm, then consider checking out what credit unions have to offer. One of the benefits of joining a credit union is that it can be more affordable because there are no monthly fees on checking accounts. It has been noted by the National Credit Union Administration (NCUA) that individuals who belong to a credit union enjoy lower rates on mortgages and auto loans when compared to those who work at banks. For many people this may not seem like much but in today's economy any savings can count big time!
Are credit unions different than banks?
A credit union is a cooperative that services members, and maintains membership based on the amount of money you have deposited into your account. Credit unions are regulated by the National Credit Union Administration (NCUA) and insured by the NCUA up to $250,000 per member. This may be an option for residents who want to invest their money in something other than a bank or traditional institution because they offer higher rates and lower fees than banks do. Credit unions and banks are two different types of financial institutions, but they both provide banking services. They differ in the way that the money is collected from members and how those funds are used. One difference between a credit union and a bank is the type of account offered to customers: credit unions offer share accounts, while banks typically offer deposit accounts. Another key difference between these two institutions is where their profits go: whereas most credit unions return any surplus revenue to their members as dividends or reduced rates on loans, banks keep all profits for themselves.
What are the Wichita Falls TX credit unions?
Wichita Falls Federal Credit Union
Address: 2100 Seymour Hwy, Wichita Falls, TX 76301
Phone: (940) 322-9328
Union Square Credit Union
Address: 2903 Kemp Blvd, Wichita Falls, TX 76308
Phone: (940) 720-8000
Wichita Falls Teachers Federal Credit Union
Address: 4301 Barnett Rd, Wichita Falls, TX 76310
Phone: (940) 692-7096
What to consider when switching to a credit union
First make sure you meet the eligibility criteria for becoming a member. Because credit unions are member-owned associations, some credit unions are restricted to only employees of a specific profession.
Others only require that you live within a geographic location—whether city, county, state or region. Once you have a list of credit unions you’re eligible to join, check where they’re located—both branch offices and ATMs. It’s up to you to decide how far you’re willing to drive to a branch or ATM. If you make frequent trips, make sure the location is convenient.
Keep in mind that many credit unions share a network of ATMs. One might be closer than you think!
Five simple steps for switching to a credit union
Don’t ditch your bank just yet. You want everything in place before you close your old accounts.
A good process to follow:
- First, open a savings account at your chosen credit union
- Typically about $25.00 to get started. You might also want to set up a checking account
- Stop using your old account. Let all outstanding checks clear.
- Switch your Direct Deposit by filling out forms for your employer, Social Security, or other retirement administrators.
- Once your funds are flowing into the new accounts, set up all your automatic payments. Timing is everything, so make sure you have enough in the old accounts to cover payments and enough in your new accounts
- Then when everything is all ready, close your old bank account
The decision to join a credit union is onemost people do not regret. If you are moving to Wichita Falls and needing a new financial banking system, this is one to check out. For many, the thought of joining a credit union doesn't cross their minds as they assume it's not as large as banks and other financial institutions. Credit unions are actually larger than we think! They offer great rates on saving accounts and loans for those with good credit scores. You'll also be able to enjoy better customer service and community outreach opportunities like free financial counseling sessions and workshops at your local branch. The best part? Joining a Wichita Falls credit union will help keep our money in the community where it belongs! We hope this post has given you some insight into why choosing a credit union can benefit you so much!
