Investing in a financial institution is more than just opening a checking account. When you choose wisely, you benefit from competitively low costs, exceptional modern technology, and reliable customer service, where you are more than a number. These are just a few of the benefits of a credit union.
A credit union is a member-owned financial organization and typically a not-for-profit. That means credit unions work to provide the modern features and financial tools consumers need for their members at lower prices because they are not seeking high profits. If there are profits, members often share them.
There are numerous other credit union membership benefits to consider as well. Suppose you have considered joining a credit union but have yet to decide. In that case, it’s worth taking a minute to find out what credit unions offer, which is often more than excellent financial services.
Lower Fees and Competitive Rates
The bottom line is that no one wants to pay excessively to manage their money, which is one of the most important advantages of credit unions. Many credit unions provide lower fees and better earning rates than traditional banks because they do not compete for higher profit margins.
For credit unions, this translates into savings in many ways:
- Most have fewer and lower fees. That means saving money on maintenance and overdraft fees.
- They offer competitively priced personal loans, including auto and mortgages, with lower interest rates than most other lenders.
- Earnings on savings and investment accounts tend to be higher, too. That means you could earn more for every dollar you save.
HFS FCU offers low-fee loan options. Whether you want to buy a home, refinance an existing loan, or consolidate debt, these low-fee loans make it easier to afford your monthly payments. The benefits of credit union membership nearly always translate into lower costs, which is one of the most substantial differences between traditional banks and credit unions.
Personalized Customer Service
One of the best benefits of joining a credit union is how they treat you. They treat each member as a person and a valued organization member. What does this mean?
Credit unions are member-focused and community-driven. They prioritize providing excellent service and individualized attention to members over profits. This means you’re not just a member but part of a community. Whether you need hands-on credit education to boost your credit scores for a home purchase or support selecting an investment strategy, your credit union is there for you.
At HFS FCU, we are dedicated to understanding each member’s needs. By better understanding your goals, we can offer the type and level of services you need. You will consistently find that members feel like family.
Community Involvement and Impact
It’s about more than just helping members, too. Another pro of a credit union is the commitment to the local community. When considering members’ success, you must consider the importance of fostering a supportive community.
Consider how credit unions like HFS FCU support local communities. Though each does so in its specific manner to address that area’s unique needs, credit unions are active within the community in numerous ways.
Credit unions are dedicated to supporting the communities they serve through initiatives like donations, sponsorships, and volunteer efforts. By investing in local development and fostering connections, credit unions contribute to their neighborhoods’ overall well-being and growth. Credit unions like HFS FCU also offer scholarships and support educational initiatives within the community.
One of the most intriguing aspects of credit unions is the dynamic nature of their community involvement. This involvement changes year-to-year and month-to-month, reflecting the community’s ever-evolving needs. Ask us about our current initiatives and how you can contribute to community growth and development.
By joining a credit union, you become integral to supporting these missions. HFS FCU values financial services but also works to strengthen the local community.
Financial Education and Resources
Credit union member benefits also include educational support and financial resources. These resources help you make decisions that align with your objectives. Our tools include online resources, workshops, and financial calculators to enhance financial literacy. Be sure to explore our articles, webinars, and community events. At HFS, we proudly support financial education in the community as a sponsor of the Zogo app, which makes interactive financial literacy tools accessible. With this sponsorship, HFS empowers community members with the knowledge they need to make informed financial decisions.
Higher Savings Returns
Savings are critical to building financial confidence. Yet, trying to save money when one’s earning power is limited can be frustrating. Credit unions do it a bit differently. By increasing the savings rate we offer, you keep building value over time.
When investments do well, and profits occur, members receive a portion. This is another crucial difference between credit unions and traditional banks. It often comes in the form of better rates on savings accounts or investments.
To find out what the benefits of a credit union are for you, take the time to look up the current rates we offer. You’ll find that HFS FCU rates are competitively higher than those of other local banks and credit unions.
Remember, these rates change daily, but you can always stay informed with up-to-date information. This lets you make the right decision for your future and ensures you’re always in the loop with the latest rates.
Safe and Secure Banking
The National Credit Union Administration (NCUA) insures all deposits in federal credit unions up to $250,000, similar to what occurs with traditional banks. Thus, your money is protected.
HFS FCU is also committed to protecting your personal information. We employ various secure measures, including using the most modern and up-to-date technology and resources, to ensure the safety of your data and transactions. Your security is our top priority.
You can expect extra security services from HFS FCU, such as fraud alerts or secure mobile banking. These services give you the confidence to know your money is always safe, your identification is never compromised, and the available tech resources and tools do not limit you.
Easier Loan Approval
Borrowing money can seem like a challenge, but the reality is that credit unions streamline the process to make it easier for you to manage. With more flexible loan approvals than traditional banks, you can feel good about learning your borrowing options.
Credit unions differ from banks. Instead of just using a credit score, credit unions look at each applicant’s financial picture individually, allowing for a more tailored and specific approach to providing loans. That means there are loan products available by HFS FCU that may fit those with less-than-perfect credit. Recognizing that with these loan opportunities comes the ability to rebuild credit, credit unions strive to offer the best assortment of competitive pricing and supportive educational tools. Ultimately, that helps you get your loan and ensures better repayment reliability.
When you’re ready to take the next step in your financial journey, consider applying for a loan with HFS FCU. Whether you prefer the convenience of online applications or the face to face interaction, the choice is yours. The terms are more lenient, and the opportunities are numerous, giving you the power to make the best decision for your situation.
How to Join HFS FCU
Joining your local credit union, especially HFS FCU, is straightforward and has clear benefits. There are no real disadvantages—no higher costs, limited access to funds, or hidden complications. Becoming a member is simple and hassle-free.
First, start with credit union eligibility. Most credit unions have specific requirements, such as affiliation with the local community or membership in a specific organization. At HFS FCU, membership is open to all who live, work, worship, attend school, volunteer, or participate in associations headquartered on the island of Hawaii.
Join HFS FCU Today
Lower costs, impressive community-focused service, no pressure, and genuine member-first services make joining a credit union the right decision for many consumers. Whether you are ready to invest at a higher savings rate or save money with lower interest rates on loans, we can help you. You’ll get personalized service, too.
Visit HFS FCU’s website now to learn more, or you can always visit a local branch for a conversation. We would be happy to help you get the information you need to join. Contact us now to learn more.
FAQs
What is a credit union, and how is it different from a bank?
Credit unions are member-owned, not-for-profit institutions. Traditional banks are privately owned and for-profit organizations. Credit unions are nonprofit, and any profits go back to support members.
How do I qualify to join HFS FCU?
Membership is open to all who live, work, worship, attend school, volunteer, or participate in associations headquartered on the island of Hawaii.
Are my deposits safe with a credit union?
The National Credit Union Administration (NCUA) insures all deposits in federal credit unions up to $250,000.
What fees are typically lower at credit unions?
Credit unions typically charge lower fees than banks. These may include overdraft fees, interest rates on loans, account opening fees, maintenance fees, transaction fees, and more.
Does HFS FCU offer online and mobile banking?
The technological advantages available when you bank with HFS FCU are unlimited.
With Online and Mobile Banking, you can access your accounts, loans, and more no matter where you are.
What are the interest rates on HFS FCU loans and savings accounts?
Interest rates on loans and savings accounts change often. For that reason, make sure you check out our current rates online. We are always transparent about what you can expect.
