Credit unions are nonprofit organizations that pay dividends to clients among other financial services; unlike banks that are profit institutions. Before jumping into a monetary arrangement with Publix credit union it is important to understand its advantages as well as its shortcomings:
Lets Know: How to login walmart money card
Advantages of Publix Credit Unions
- Credit unions don’t treat you as a client only; because you partly own it. Thereby, the amenities, dividends and privileges will be exceptional.
- With a credit union loans are much cheaper, and the earnings better on deposits. Since they are nonprofit, you’re getting all the benefits.
- The fee for the loans are also significantly lesser than in banks, so it’s actually a win-win situation.
- They are dealing with a lesser number of clients than banks, which means that they have more time to invest into the specific requirements of each client.
- Publix credit union isn’t operated by the government; they are being managed by people of a local community. This means that they focus solely on you.
Disadvantages of Publix Credit Unions
- You need to pay a membership fee in order to attain all the glorious benefits. Ranging from as less as 5$ to up to 30$.
- As aforementioned, since they are for a locality, the branches, as well as ATMs, are not widespread. They do offer ATM network collaborations but it can act as inopportune in desperate times.
- FDIC makes sure that all the banks are insured, and they follow the same procedure on credit unions. However, there is still a high chance that the union is not under insurance making you land in hot water.
- Banks will always bag the top position in monetary services. There are some tasks that a Publix credit union isn’t entitled to/ or isn’t able to do. If such a case arises, you’ll have to turn to a bank inevitably.
- Credit unions may be making their mark but they don’t have enough investment to become topnotch. They don’t have amazing technological services like applications, mobile banking and so on which may be cumbersome.
Once you’re aware of the nitty gritty, you can surely decide where your priorities stand.
For more information Contact Publix Employees Federal Credit Union https://pefcu.branch-locations.com/Contact.aspx