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5 Advantages of Fall River Municipal Credit Union over Banks

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When it comes to choosing a financial institution most people’s needs are fairly straightforward: checking and savings accounts and a credit card. Perhaps they’ll need a mortgage or an auto loan or a retirement account in the future. Consumers want low fees, good customer service and a place that makes them feel like they’re not just a number.

If that sums up what you’re after, Fall River Municipal Credit Union may be the way to go. Here’s why FRMCU and other tax-exempt cooperatives stand out.

1. Lower loan and mortgage rates
When you borrow money, even small differences in interest rates can save you thousands of dollars over time. The average rates that credit unions provide for loans tend to be lower than those offered at banks, according to the National Credit Union Administration, or NCUA. That’s true whether you’re talking about small personal loans, car loans or mortgages.

Many credit unions, including Fall River Municipal Credit Union, provide mortgage options that are as diverse as what any big bank offers – from conventional mortgages to their First Time Home buyer Program to state-backed MassHousing mortgages designed to provide financing for affordable housing for low- and moderate-income home buyers.

2. Free checking
Monthly fees, minimum balance requirements, charges for using checks and debit cards — all of these can add up to a giant drain on a person’s finances. To avoid those fees, look for a free checking account. Look for a low-cost account with the right features for you, which may include newer ones such as mobile banking and online bill pay. Fall River Municipal Credit Union offers all of these products and services.

3. Higher returns on savings
Credit unions also surpass banks in terms of returns on financial accounts, according to the NCUA. Typically, credit unions provide higher average rates on share certificates, money market accounts, Individual Retirement Accounts and dividend-paying checking accounts. You might see some credit unions with tiered accounts, which provide even higher rates in exchange for high minimum balances such as $2,500 or more.

4. More personalized customer service
As member-owned organizations, credit unions, like Fall River Municipal Credit Union, pride themselves on serving a specific community, whether it’s geographic or connected by affiliation. When you become a customer, you become a member. So it may be easier to get to know the people who work in a branch, from tellers and customer service representatives to the loan officers who will evaluate your credit application.

With credit unions, the decision-making stays local, too, unlike big banks that send mortgage applications off to faraway headquarters to be processed. So, along with getting more personal consideration, credit union members can generally get a faster turnaround time on their applications than national bank customers.

5. Deeper community involvement
Smaller financial institutions that get to know their customers are better able to give back to the community. Look for a credit union that hosts events or helps fund local organizations you care about.

Big banks have their advantages, but for many people, a smaller community-oriented credit union, like Fall River Municipal Credit Union, is a better fit.  There is no need to look for a credit union with the services you want, reasonable fees, competitive interest rates and friendly, efficient service; Fall River Municipal Credit Union is the financial institution for you.  With that combination, you can’t go wrong.

Spencer Tierney and Virginia C. McGuire, NerdWallet

Fall River Municipal CU is not responsible for the content or availability of linked sites on this web page.

Please be advised that Fall River Municipal CU does not represent either the third party or you, the member, if you enter into a transaction. Further, the privacy and security policies of the linked site may differ from those practiced by the credit union.

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