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Top Reasons to Choose Federal Credit Union over Banks as Your Financial Partner in Omaha

  • March 19, 2020

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Reasons to Choose Federal Credit Union over Banks

With a total area of over 130 square miles, Omaha is the largest city in Nebraska and the 40th biggest city in the United States. The Big O boasts of world-class attractions, incredible food, a booming music scene, and a remarkable transportation system. It is home to almost half a million people, including Warren Buffet, one of the wealthiest people in the world, as well as several Fortune 500 companies.

If you are one of the thousands of people residing in Omaha and you are planning to start a family, you are fortunate to be living in one of the most family-friendly cities in the country. With its affordable cost of living, reasonably priced housing, low crime rate, and numerous employment opportunities, the only thing that you need is to find the right financial partner, and you are all set.

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While you may be inclined to choose a bank because of familiarity, it is best to learn more about an Omaha federal credit union before you make a decision. Given that you have a family to take care of, it is best to have a financial partner that can benefit you the most. To help you make a decision, here are some of the advantages of choosing a credit union over traditional banks:

Member-Focused

If you open an account in traditional banks, it is practically impossible to see a welcoming face. The set-up of the building is rigid and cold, and the demeanor of the employees is formal and intimidating. Since banks are profit-driven, their focus is serving clients that bring huge business rather than small account holders like you.

When you open a credit union account, however, you are not just another account holder, but a member or owner, which means you matter. You can be assured that all the people working there will exert due diligence to meet your needs and provide friendly and high-quality service. Unlike banks that operate to satisfy its stakeholders, credit unions exist to please the members and ensure their financial wellbeing.

Lower Fees and Interest Rates

Banks are known for collecting numerous fees and posting higher interest rates on loans and transactions. This reality is expected, considering that making money is their primary goal, which is why they even charge clients with maintenance fees every month.

The opposite is true for credit unions as they offer lower fees and interest rates on transactions and loans. An Omaha federal credit union even provides discounts and conditions that can help you pay your debts much faster.

Higher Savings Rates

Unless you have an incredibly huge amount of money deposited in your account, it is practically impossible to experience considerable growth in your savings when you keep them in traditional banks.

With credit unions, however, you can be assured of a higher savings rate since you are one of the owners. Moreover, since credit unions follow a non-profit model, they can readily pass excess funds to benefit the members.

Flexibility

It would be almost impossible for you to secure a loan and other financial services in a bank if you have poor credit scores. If you are a credit union member, however, the loan officers will still try to find the terms that will help you secure the funds that you need with conditions that suit your current financial situation.

As you start a family, you need to buy a home, save money for your children’s college tuition, or take a loan to start a business, which is why you need a financial partner that will work with you. Given the benefits of trusting Omaha federal credit union described above, it is evident that you are in good hands with a credit union than in a traditional bank.

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