I know I’ve been on a Credit Union kick lately, but I can’t help myself. There are just so many benefits! Regardless if you buy into the whole “move your money” movement or not, it’s still good to know we as consumers have options.
Jim @ Bargaineering had an excellent list of 10 reasons why credit unions kick ass, and I totally stole it cuz it was that good. In fact, I’d also like to add 1 more to the list! So here are his 10, along with my 11th addition. You can click on his link for future explanations too if you’re curious – he goes more in depth for each category – but here’s the A.D.D. version:
- Better interest rates on loans.
- Personal loans are more likely.
- Better interest rates on deposits.
- Lower fees.
- Fewer customers, better relationships.
- Fewer customers, you’re more important.
- No call centers.
- You can be involved at a credit union.
- NCUA insurance.
- Less profit-driven, takes fewer risks.
- FREE Coin machines! No more paying 9% for Coinstars ;) Which isn’t *too* bad since it saves you hours of rolling ’em up like you’re back in 1985, but still. FREE is better than $5 or $10, or if you’re a pimp saver – $20 in fees!
And I’ll tell you a secret – you can just walk in and use it! How awesome is that? It’s not being sneaky either, at least at the one I went to. When I handed over my receipt to the teller she didn’t even ask if I was a member. It’s possible she was off her game, but even so what would they do – NOT give you back the money you just gave them? I don’t think so…
Regardless, you should totally hit one up next time you’re on the coin war path. You deserve to take home as much as you can after all those years of saving!
It took me 6 months to save my latest deposit of $76.48 (pic of coin breakdown), and all I did was empty my pockets when I got home every night. I fill up piggy banks, vases, jars, etc until I deem it worthy of 10 mins of my time. Then it’s off to Coin Heaven we go! They get to go home and see all their friends, and I get more money for my Fun Fund. It’s a win-win situation (not to be confused with Mike “The Situation” – that guy’s interesting, but he sure doesn’t save you any money ;)). So start hoarding those pennies folks!
Bonus tip: Find a good "balance transfer" offer to help pay off debt faster!
If you’ve been making payment after payment (on time) and still haven't been able to get your debt under control, snatching up a good balance transfer credit card offer may be the ticket to try. That’s where in order to gain your business - credit card companies will let you transfer your existing debt to a new card and let you pay ZERO PERCENT interest on it. Saving you tons every month!
What's the catch? Usually balance transfer cards charge a fee (around 3% of your debt balance) to let you transfer your balance to their 0% interest offer. But we've found a great credit card that will let you do a balance transfer absolutely free. Click here to learn more and see if you qualify!
PS: If you don't trust yourself with another credit card, ignore this! This strategy is to help you get out of debt quicker, not risk adding more to it.