Choosing the best credit union Kona has to offer does not have to be as challenging as it may seem. Credit unions are, at their heart, community-oriented organizations dedicated to supporting the people who live and work within the area. As you consider the options in financial institutions to choose for your own needs, there are some very valuable reasons to choose HFS Federal Credit Union (HFS FCU).
Not only do our members live and build their lives in the community, but our Kona credit union continues to give back to support the local community. Consider why you want to bank with us.
Why Choose a Credit Union Over a Bank?
Finding a financial institution that will allow you to open an account is easy. But, looking for a federal credit union in Kona that is truly committed to the community is very different.
Consider the difference between traditional banks and credit unions. Banks have stakeholders from around the country to answer to who care about profit margins. Credit unions offer more personalized, local service by building direct relationships with members. This translates into lower fees and better interest rates, providing financial security and confidence because we are a non-profit organization.
Personalized Service
One of the best reasons to work with a credit union like HFS FCU is that we provide personalized service. We offer member care initiatives to help you with your needs. That could include one-on-one support. It may mean helping your teen learn how to balance their account or helping you buy a car.
Lower Fees
As a not-for-profit organization, HFS FCU consistently aims to offer competitive services and rates. That includes offering lower ATM fees, overdraft charges, and loan rates that tend to be much lower than those at a bank across town or one found online.
Because we offer similar financial products and services at lower rates, it simply makes sense to turn to a credit union instead of a bank for your borrowing needs. Here, you’re not just an account number, but a member of a community, where your needs and concerns are heard and addressed.
Community Focus
There’s also another perspective to consider: how your local credit union is supporting your community. Credit unions support local community projects. These could be infrastructure projects, local community efforts to raise funds for a specific cause, or one-on-one support for businesses looking to move in and offer jobs.
Because we value local economic development through loans and community investments, you and your neighbor directly benefit. This positive impact on our local economy is what helps our community thrive from a very personal perspective, giving us hope for a brighter future.
Factors to Consider When Choosing a Credit Union
When you choose a credit union Kona offers, it is critical to choose a financial institution that you can trust. Make sure you choose an organization capable of providing exceptional service, competitive rates, and outstanding accessibility.
Membership Eligibility
We encourage you to learn more about membership eligibility at HFS FCU.
To be eligible to become a member at HFS FCU, you must live, work, worship, attend school, volunteer, or participate in associations headquartered on the island of Hawai’i.
At HFS FCU, we value the role of organizations in our community. We work closely with both incorporated and unincorporated organizations that operate on the island. If you are looking for a federal credit union in Kona, you need HFS FCU.
Services Offered
Credit unions offer a wide range of services to meet the needs of the community and members. There’s really no limit to the type of services available in comparison to traditional financial institutions across the board. However, not all credit unions offer the same features, tools, and resources.
Some of the most important services credit unions offer include:
- Checking accounts: This includes traditional checking accounts and high-yield checking accounts.
- Savings accounts: Most often, this will include traditional savings accounts with various savings objectives.
- Investments: It is possible to utilize investments like IRAs and Share certificates within the credit union. Other investment options may apply as well.
- Credit Cards: Credit cards of all types are likely available, including those that provide options for those who are just learning how to build credit and those with exceptional credit scores.
- Loans: Loans may include auto loans, home and real estate loans, construction loans, personal lines, and secured loans.
At HFS FCU, we offer a wide range of these loans along with the educational tools and supportive features to help you to achieve the best possible outcome.
Fees and Rates
When it comes to the difference between credit unions and banks, one of the most important factors to consider is cost. Costs can be broken down by various factors, but traditionally, banks charge higher fees and interest rates on loans than credit cards offer. Why is that?
The fact is, banks are for-profit companies. This means everything they do is to build a profit to the margins expected by the bank owner and stakeholders. Credit unions are member-owned. That means two things. First, it means we do not have to drive up costs to reach high profit margins. Second, it means that we can pass on the cost savings as well as profit margins to our members.
It is critical to take the time to compare all loan interest rates and fees before you make the decision to apply for a loan. Individual locations may be different. You can check out all of HFS FCU’s loan rates and offers online. That transparency is another reason why people trust us.
Convenience and Accessibility
Location matters when choosing a credit union or bank. Most people will need to visit a physical financial institution from time to time, so learning where your financial institution is located is key. Choose a provider within a short drive if you need to drop off a check or pull money out of the ATM.
As far as digital tools go, credit unions offer all of the same, if not better, digital features available. That means you can handle digital banking needs, deposit checks through your phone, and tackle other tasks without leaving home. We strongly recommend checking out all of HFS FCU’s facilities near you (including ATM locations) and the digital tools we offer.
Researching Credit Unions in Kona
You may know that a credit union is the route you want to take, but how can you research your options to find those that will be the best fit for your needs? You can use a few strategies to gather as much information as possible about the providers in your local area.
We encourage you to make this decision wisely by focusing heavily on online resources, personal visits, and community feedback you find available to you. It’s your money. You want to ensure you’re putting it where it best serves your needs.
Online Reviews and Ratings
It’s easier than ever to find reviews about various credit unions today. We strongly recommend looking up reviews and ratings from several locations (and not just relying on those listed on the company’s website). Google Reviews is one of the most reliable review sites. Look at both good and bad reviews to find out the reality of this credit union.
Visiting Branches
If you feel uncomfortable visiting a credit union branch now, before you open an account, that could be concerning. Credit unions are very different from traditional banks. You are greeted, treated well, and respected. We encourage you to visit a local branch with a list of questions available. You can find our branch locations online to schedule an appointment to speak to our team.
Asking for Recommendations
Don’t overlook the importance and value of personal recommendations. Talk to your family and friends. Get to know the professionals in your community who use the credit union.
Also, take to social media. Ask for recommendations and get feedback on both the good and the bad that the financial institution offers. Even in a bad experience, you can learn how well the company supports its members with quality solutions and support.
Making the Final Decision
With all of this information in hand, it’s time to start looking at it so you can make a decision. There are numerous steps to take, but make sure you consider:
- Know what you need from a credit union.
- Determine the availability of services and costs that align with your goals.
- Determine the fee structure.
- Compare options in terms of loans and financial tools that are important to you.
- Rate the location on the quality of service they offer throughout all levels of communication you have with them.
From here, you can begin the application process. There’s likely to be a financial institution that stands out.
Reviewing Membership Benefits
Take a few minutes to review the membership benefits the location offers to you. This may include:
- Lower interest rates
- Member dividends paid to you
- Special programs that fit with your goals
If you are not sure what’s available, be sure to ask questions.
Comparing Account Options
Take some time to compare the different types of credit union accounts available. Look at costs, how the services are available, and if they are available to you. You also want to determine if these features are better than the competition.
HFS FCU in Kona
HFS Federal Credit Union offers a wide range of features and tools to help you reach your financial goals. We encourage you to explore all of the products and services we offer and learn more about our rich history. As an organization dedicated to the local community, you can depend on us for all of your financial needs.
Take some time to explore what HFS FCU can do for you. Read some member testimonials and success stories. Reach out to us with any questions you have.
Frequently Asked Questions
How do I become eligible to join a credit union in Kona?
To be eligible to become a member at HFS FCU, you must live, work, worship, attend school, volunteer, or participate in associations headquartered on the island of Hawai’i.
What are the advantages of joining a credit union over a bank?
Joining a credit union could mean lower fees, digital account management tools, excellent access to high-interest-rate accounts, and lots of great people to help you. Personalized service is one of the best.
Are credit union fees lower than traditional banks?
Yes, typically, credit union fees are lower than traditional banks because credit unions are not profit driven.
Can I access my accounts online with a credit union in Kona?
Yes, with HFS FCU, you can access your accounts with our digital services, such as online, mobile, or phone banking.
How can I compare the services and fees of different credit unions?
It’s a good idea to make a list of several organizations you are considering. Most often, you can find fees and rates listed online on those financial institution’s websites.
Is my money safe in a credit union?
Yes, your money is protected under federal guidelines.
What are the benefits of community-focused credit unions in Kona?
Giving back and supporting your community matters as much to us as it does to you. We help you keep money local so it can continue to support all of your needs and goals.
Join HFS Federal Credit Union Today
With tailored financial guidance and support to offer, there may not be a better choice than working with HFS Federal Credit Union. We encourage you to become a member and let us customize the services we offer to fit your needs.
We reinvest in Kona. We take the time to support local economic growth through local projects and a member-focused level of service. These are just some of the reasons to choose us.
Contact HFS FCU to learn more about what we can do for you and to start the membership application process today.
