What is a federal state credit union and should you deal with them when it comes to your finances? Here’s a quick review to help you determine if they’re the best organization to manage your money.
Unlike many credit unions, only members of certain businesses are allowed access statewide. For a complete list of them, visit their website. This can really benefit you by providing better customer service.
While many credit unions, as I just said, allow anyone and everyone to participate, statewide they only allow members from individual companies, which reduces the total number of members and helps them serve you better because we don’t they are so spread out.
So what do you get when you join a statewide federal credit union? You get pretty much any financial service you need, like Visa credit cards with rewards points (very important), online (or offline) banking, loans, IRAs, etc. Plus, since the credit union is run by its members, you can expect to receive the best interest rates possible, assuming you qualify with your credit.
These rates typically range from 10 to 18 percent, depending on your credit score, and you won’t find lower rates anywhere else.
Before you enroll, of course, I recommend you check with your co-workers who are already members of the statewide federal credit union and see how satisfied they are overall with the service they have received from them.
Just because they offer a lot of nice benefits doesn’t mean you should invest your money with them; Take this important step first, because there’s nothing like hearing directly from current members.
The bottom line is that whether or not you join depends on whether you are a member of the accepted companies. If so, you’d be hard-pressed to find a company that manages your finances better than a federal state credit union, or provides better customer service.