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4. Don’t rule out credit unions - 8 tips for choosing a new bank

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4. Don’t rule out credit unions

Many consumers are familiar with the biggest banks. But you’ll want to shop around and consider credit unions, too.

Finding out what local credit unions offer may take time. However, doing some research could pay off.

“By not having shareholders, credit unions can reinvest their earnings in the form of lower, reduced loan rates and higher earning rates on savings,” says  Jaspreet Chawla, vice president of membership at Navy Federal Credit Union. “This creates a unique relationship that generally leads to more opportunities for members to engage with and have a voice in organizational decisions.”

Joining a credit union is not as difficult as it used to be. Quite a few are available nationwide and many allow you to qualify for membership simply by joining an organization like the American Consumer Council.

bankrate.com

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