For decades, American credit unions have served their local communities with exceptional customer service, attention to detail, and a dedication to honesty. While many people know their credit union for the selection of interest-bearing savings and checking accounts they offer, the local credit union today offers more products to meet the needs of modern financial life. This includes: student loan debt consolidation, investment services such as IRAs and college savings accounts, as well as loans for vehicles, boats, and vacation properties.
Small businesses often find that credit unions offer products specific to their needs. Credit cards with low fees, competitive interest rates, and cash back offers make credit card transactions more appealing. Credit unions also have the advantage of a closer, more personalized banking relationship with their members. This allows credit unions to offer more unique product offerings such as flexible term lines of credit, equity loans and lines of credit, apps and online portals to help with business transactions management, and bookkeeping and more.
In addition, many small businesses rely on the ease of credit card statements for much of their expense tracking. Especially for sole proprietors, the ease of credit card tracking with a credit union is clear and the tracking of these transactions is quick and easy, which allows for simple accounting. Customers appreciate the convenience of small businesses accepting credit cards. Credit unions make that simple and easy with tracking tools that can integrate via API into bookkeeping software to make their experience working with the credit union more holistic. This creates an end-to-end solution for managing the businesses’ finances.
While many people seek out large banks for their student loan needs, local credit unions also have much to offer. Credit unions provide students the ease of hometown decision-making and offer real value when it's time to consolidate student loan debt. If members have begun the home loan process with a credit union, they may find their financial stability increases. This increase is a result of the consolidation of several high-interest loans into one more moderate personal loan, with a fixed repayment term and lower interest rate. As young adults seek ways to establish strong credit scores and credit history, credit union services can prove extremely helpful with teenager geared checking and savings accounts to teach money management and financial responsibility.
The other untapped potential in credit unions comes from their extensive variety of retirement products. Those seeking to open IRA or Roth IRA account can find all the help they need right in their hometown CU. Individual retirement plans and small group 401k plans offer credit union members everything they need to run their small business effectively and efficiently while offering competitive benefits to their employees. There's no need to spend time searching online or in-person for the financial products that allow for a secure retirement. By having consolidated banking, debit and credit cards, retirement plans and products, etc., all in one place, allows for local credit unions to become an essential part of small businesses’ financial life.
Finally, credit unions provide access to funds that allow for leisure, such as mileage credit cards, loans for travel or equipment. These funds can all be part of small business life. Combining business and pleasure creates a seamless financial path for members. Seeking out other outlets for financial management becomes unnecessary when all businesses needs can be found at your local credit union.