Many people refrain from joining a credit union due to various reasons which puts them off from seeing the true benefits and service offered. The big myth is that it is hard to join a credit union, but this is not the fact because many local communities have one which are easier to join. Another issue people see with credit unions is that ATMs are limited, but credit unions have started to branch their networks allowing ease of access. Credit unions also provide the same benefit and services as a bank. People are not knowledgeable about the service provided by credit unions since they are not advertised as much as banking services. Credit union members usually can receive a greater benefit because of the return on savings since they are considered a shareholder of the credit union.
The benefits that most members don’t realize their credit union offers are investing services. These services can be really beneficial to members who have retired and are looking for an alternative to a paycheck which can possibly be a return on their investments. The investment services most credit unions provide are through a partnership with a third-party discount brokerage firm. These firms provide services which include helping members with investing in stocks, bonds, and mutual funds. After researching some credit unions and discount brokerage firms, I found a list of a few which offer great investment services at a low rate.
- CUNA Mutual Group offers brokerage services through a broker-dealer located in all states
- Credit Union Investment Services (CUIS) only charges an asset-based fee of .25%
- CUSO Financial Services is an affordable alternative which serves around 150 credit unions
- BestVest doesn’t require a minimum balance and it doesn’t charge for account closing fees