There are more than 180 banks and credit unions in Syracuse city, NY. It means that you have a lot of choices and you can find the best for you. It also means that you’ll have a really hard time finding the best one. It’s not easy looking for the right company to serve your needs. They all have something interesting to show, and they all have something not showing which is bad for you. See some of the negative aspects of credit unions on this link.
Of course, this is more related to the banks who like to make more profit on the back of their clients. The credit unions are fairer than the banks, but they too have their own pros and cons. See below what you need to be careful about and how to choose the right one for you!
Which one is closer to you?
Credit unions are intimate banks if we can say it like that. When you go to a credit union it’s like going to the neighbor’s asking for advice. On the other hand, they don’t have lots of different branches and ATM’s like big banks do. So, you need them to be close and be able to see them fast if there comes a time of need.
It’s easy to see which ones are closer. Just open the internet and find them on the map. You’ll see that you probably have one in your block or just a few blocks away.
See the online reviews
While you’re online looking for which one is closer, see their review from people working them too. Make sure the ones that are closer to you also have a good rating. With today’s way of life and technology, everything is just a click away from getting valuable information.
There’s not just one website dealing with this issue. There are social networks where they rate these businesses and unions where it is easy to see how people just like you experienced working with some of them. If you find one down the street, but you see that most people are not satisfied with the services offered, simply find the next best one.
Who offers better interest rates?
Credit unions usually have better rates than banks, but even they differ from each other. If you get a loan on 20 years, just a small difference in the percentage can be a huge problem. At the end of those 20 years, you’ll see that you’ll lose thousands of dollars.
Of course, no one have only bad sides, there must be good things too, but when you’re getting a loan this is one of the most important factors for choosing one loan over another.
Who offers overall better options?
The interest rates are not the only thing that’s important. There’s much more than just this. Starting from the relation with the people working in the office, to the options such as getting back of the loan in terms that you find most suitable.
Every credit union has its own pros and cons and you need to find what is best for you. Ask for those small hidden letters in the back of the agreement, or what’s behind the curtain of the amazing agreement. Unlike banks, unions are fairer, and you can expect better treatment.
Why not choosing a bank?
You always see at least one bank commercial on the Super Bowl. And what does everyone sayabout commercials? They exist for products that have no real value. Well, this might not be true in reality, but it’s true that banks will only try to profit out of you. The bank’s only goal is to make more money and giving the loan is just a way of getting more money from you at the end.See this great article about why banks are bad for you: https://economix.blogs.nytimes.com/2010/03/04/why-exactly-are-big-banks-bad/
Credit unions are more membership oriented and tend to have their members satisfied. That’s why they are giving loans with much lower interest rates. Choosing a bank has its own positive sides that’s for sure, but if you look at the big picture, you’ll understand that it’s much smarter if you don’t work with banks.