Why Credit Unions Offer Better Value

When the economy is strong and your personal finances are flush, you might not mind paying a couple of extra dollars here and there each time you use an ATM or a monthly fee to maintain your emergency fund. But even in the best of times, these fees can add up. And now, just as many consumers are struggling to make ends meet, miscellaneous bank fees are reaching all-time highs.*

If you're wondering how you can take advantage of convenient financial services without breaking your budget, take a closer look at the outstanding value credit unions offer.

Keep Your Cash
According to Bankrate.com, a bank customer pays about $3.43 on average when using an out-of-network ATM; this includes fees to both the customer's own bank and the bank that owns the ATM. This means that when customers withdraw $40, they are paying roughly 8.5% in transaction fees simply to retrieve their own money.

Unlike banks, which compete with each other, credit unions work cooperatively with each other to ensure that their members enjoy the best value possible. This means that no matter where you go, when you use a CHACO or Alliance One ATM, you will enjoy surcharge-free transactions.

Grow Your Accounts
In 2008, monthly service fees charged by banks on interest-bearing accounts hit a new average high of almost $12; the average minimum balance required also rose, to 4% over the previous year or a record high of $3,461.84.*

Credit unions, however, understand that it's hard to build a nest egg if your account is hit with maintenance fees every month. To help you get ahead, we charge no monthly service fees on our Choice Checking accounts. Similarly, we recognize that high minimum balance requirements will not help your financial situation if the unexpected happens and you need to tap your accounts. That is why we require just a $5 minimum balance on our Personal Reserve Savings accounts.

Just a Sampling
Unlike banks, which are in business to earn profits for their shareholders, credit unions exist to help their members reach their financial goals. In addition to providing you with surcharge-free ATM access and no fees and minimum balances on your accounts, we offer lower rates on loans and higher rates on savings accounts than banks generally offer. We also provide the same time- and money-saving services banks typically offer, such as CHACO Direct – 24-hour phone and online account management online bill pay, direct deposit and more.

Simply stop by, visit us online at www.chacocu.org or call 513-785-3500 to learn more about how you can fully realize the value of your credit union membership!

* Source: Bankrate.com.