People tell me that one of the biggest reasons they don’t switch to a credit union is because it’s just too complicated.

Let me give you some reasons to take the trouble:

First, it’s not really complicated at all. GHCU has a “switch kit” that outlines every step and provides documents for you to fill out that will really streamline the process.

Second, switching to a credit union can save you money–now more than ever.

You know those fees and assorted costs that the new credit card legislation may help minimize or eliminate? According to Kathy Chu of USA Today, some financial institutions are switching their focus to other products to make up for the lost revenue.

You could end up spending a lot more for your checking account, for example: just the act of having a checking account may soon cost you more at Bank of America (from $5.95 to $8.95/mo). Fees for overdrafts and transfers to cover insufficient funds are going up: in some cases, way up.

You can protect yourself, even if you decide to stay with your current financial institution:

• Online banking can really help you keep track of the money in your account, which greatly reduces the risk of accidental overdrafts. There may be a charge for online banking (which is free with GHCU), so be sure to ask your financial institution.
• It is possible to put alerts on your accounts. When your balance drops below the alert level you set, you’ll receive an email. Again, there may be a charge (not at GHCU), so do the research.
• Consider opting out of automatic “overdraft protection.” These programs can be very costly.
• Do your research and be prepared to either argue your case if you feel you’ve been treated poorly or take your business elsewhere.

Yes, things are getting a bit harsher out there, and credit may be a little harder to find than in previous years, but there are still good, fair sources for all your financial product and service needs.

If you’re already a member, keep an eye on our website for information on our Friends and Family promotion. It’s just our way of saying “Thank You” for spreading the good word about GHCU membership!

Read the full USA Today article: “Banks find ways to boost fees; checking accounts latest target.”

Filed under: The Credit Union difference by admin