Ditch those Bank fees by switching to a Credit Union

Bank fees on everything, from loan fees to the cost of maintaining an account are typically higher than their Credit Union equivalent. For example, some banks require you to maintain at least $5,000.00 in your account or you are charged a monthly maintenance fee. Credit Unions typically require $5.00. See the difference?

If you decide to switch from your bank, I do have a couple of suggestions that have worked for me.

1. Do not start off by closing your bank account. Like most of us, you probably have your direct deposit salary deposits, automatic payments and debit setup and running smoothly.
2. Leave enough funds in your bank account to cover at least a couple of weeks payments. Depending on how meticulous you are at maintaining a record of all those payments, you may find that you could leave less.
3. Open your credit union account.
4. Transfer your direct deposit, automatic payments and debit to your new credit union account.
5. Check your bank account for the next month to make sure nothing unexpected gets debited from the account.
6. If everything looks goo, then close your bank account. You have now fully transferred to your Credit Union.

To find out more about Credit Unions or to find a Credit Union to join, visit www.CUNA.org. To compare bank and credit union rates , you can also try Creditunion.coop.

Now will Credit Unions be always better for you? Chances are no. Depending on your situation, there are just things that a big bank would turn out to be a better choice. But for all those other services that a typical household would need, a Credit Union is a better choice. I've been using one for over 14 years and have not yet regretted it.