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Three Reasons You Should Always Give Your Job's Credit Union A Chance

by Alfred Parker

Different jobs come with different perks. Some companies offer company cars, free meals, and even massages on site at the company office. Other jobs prefer to offer the traditional benefits, such as excellent, low-cost healthcare plans and high match 401k accounts. One unusual perk that some companies offer is a credit union that is affiliated with the company. If your job happens to have a company credit union, here are three reasons why you should sign up. 

The credit union may be more apt to offer credit products

One of the benefits of a company/credit union relationship is that the credit union knows all of the people who sign up are gainfully employed. The credit union also typically has insight into how much different roles at the company pay and any bonuses that are offered company-wide or to certain positions. This means that the credit union already has plenty of financial details on most candidates to know that they can offer loans and credit card products. Since the credit union will know you are properly employed, you may find that your applications for credit approval happen more swiftly than with non-work affiliated banks. 

You can split up your paychecks

If you already have a bank account that you regularly use, you should sign up for your job's credit union and consider splitting up your paychecks. The reason for this is that if there is an issue with your traditional bank account, you can always speak to your company's credit union to get help with withdrawals and possibly setting up debt repayment. This way you will not be completely without cash or fall behind on your bills. You can also easily reroute your entire paycheck to your company's credit union until the issue clears up with your other bank. 

Branches are typically located on site

Companies that have their own affiliated credit unions typically have a credit union branch on site. This is especially convenient for employees who choose to operate via mostly cash or employees who regularly need to withdraw money but want to avoid any type of ATM fees. It is also comforting knowing that if you need to go into a branch, you will be able to speak with a human who can help you with any financial issue that you are facing. Having a branch at or near the office also makes it safer to withdraw money and does not require a trip after work. 

Contact a credit union to learn more.