College students often start their adult financial lives off with traditional banks because of name recognition, brand awareness and group mentality. With globally-recognized banks’ ATM machines and logos scattered across campus, students can overlook a credit union. However credit unions support students with personal attention and financial rewards, to plant a mindset of lifelong financial success.
Student Membership at Credit Unions?
Joining a credit union is one of the most adult moves a student can make. They can expect small fees and activity requirements to be a responsibility they keep up with. If students live near a credit union or their parent is a member, they are eligible.
Eligibility for membership to a credit union is usually:
- Employment with a main, large employer in the region or territory,
- employment with an affiliate network of employers,
- family or spousal relationship to a member,
- and residency or business operation in a credit union’s region or territory.
Credit unions return a share of profits to their members. These profits are passed back to members with lower interest rates on products and services, exclusive online and mobile banking features, and invitations and discounts for credit union-sponsored events.
Financial Services Benefits
Under the pretense a member’s relatives will be future customers, credit unions privilege robust family-oriented financial services. These include joint parent-student checking and savings accounts as well as college savings plan products.
Credit unions also offer low-rate personal loans for parents to meet college expenses beyond school charges. They may need to help their student with a new car and apartment deposits, or just have extra financial cushioning.
A credit union student loan includes a more personalized introduction and briefing than the generic overview provided to students who borrow from more traditional sources. This will set college students up to maintain an optimistic connection to their future loan responsibility.
Customer Service Benefits
Large banks can be a labyrinth of thousands of branches and sometimes overseas customer service centers. The simplest questions can keep customers on long hold times just to speak with a personal banker. For students who are new to managing life and finances, such inconveniences discourage them from facing important business matters.
Credit unions operate more like small businesses. Many financial representatives get to know members by name and face. This personal touch is critical for young adults who are new to independence and may require special attention.
Credit unions remain a staple of the financial services and commerce industries. The most savvy consumers utilize them often to grow personal wealth and assets. A college student can become a credit union member and upgrade from haphazard spending to a meaningful connection with money that lasts a lifetime. You may want to consult with the online resources from the WFCU Credit Union website.