{"id":1081,"date":"2017-05-26T03:00:17","date_gmt":"2017-05-26T08:00:17","guid":{"rendered":"http:\/\/kerryaclark.com\/?p=1081"},"modified":"2017-06-01T12:36:56","modified_gmt":"2017-06-01T17:36:56","slug":"banking-for-dummies","status":"publish","type":"post","link":"https:\/\/www.kerryaclark.com\/blog\/banking-for-dummies\/","title":{"rendered":"The Credit Union is Banking for Dummies"},"content":{"rendered":"

Banking Is An Action Not An Institution \u2013 Part 2<\/span><\/h2>\n

After our last post, Banking Introduction<\/a>, Pamela and I decided to share a couple of banks you may use. \u00a0We received feedback that suggested we should insert this post into our series. \u00a0Most of us never consider alternatives to the banks we use. \u00a0Pamela and I re-evaluate such tools we use, annually, from auto insurance companies to banks.<\/p>\n

The Family Plan Binder<\/a>\"\"<\/a> is available now!

<\/p>\nOur team has worked very hard putting it together. We designed it to help you and your family move the needle forward in making your life your business. \nFind out more about the Family plan here.<\/a><\/div><\/div><\/div><\/div>\n

There are two types that are most familiar: commercial banks and credit unions.
\n<\/span>Let me state that I’m a little one sided and if you continue reading you’ll understand why I favor credit unions over commercial banks.<\/span>
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\n<\/span>The Commercial Bank is Not for the Financially Challenged<\/strong>
\nA commercial bank can be useful. \u00a0In today’s society it’s hard to go without a bank. \u00a0The employers we have require direct deposits and many transactions we make need a checking account. \u00a0To be more practical, \u00a0you need a place to store your money if you want to be financially healthy. \u00a0You need to have a place to store the money you have leftover (by the way, you should have money leftover). \u00a0While most of the people around you do not, you’re reading this post because you’re not like most. \u00a0You desire much better and you can have it.<\/span><\/p>\n

Honestly, I hate commercial banks for one reason and one reason only. \u00a0When I needed them most, they did the greatest harm financially. \u00a0Commercial banks, when you have very few funds, charge fees that people who are not financially challenged don’t have. \u00a0The crazy thing about this process is the more money you have the fewer fees you’ll be assessed. \u00a0Now what sense does that make? \u00a0Here’s another one you’ll love. \u00a0Have you ever received overdraft charges on the day your paycheck was deposited? \u00a0You see the commercial bank processes all transactions prior to processing deposits even when the deposit is submitted first. \u00a0What does that tell you about what a commercial bank thinks of you…very little. \u00a0<\/span>
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\n<\/span>The Credit Union is Banking for Dummies<\/strong>
\nA credit union makes banking a whole lot easier for those who have financial challenges. \u00a0They have fewer fees, requirements and other advantages. <\/span><\/p>\n

\"\"Let me begin with the no fees; this simply means the credit union doesn’t charge you for just having an account unlike the commercial bank.<\/p>\n

I recall one of my first vehicle purchases where I used commercial bank lending… that means I got a car loan from the bank, once known as AmSouth Bank. \u00a0It took me forever to get approved. \u00a0I believe it was easier for me to get a 30 year mortgage than a 5 year car loan. \u00a0In addition to the time it took, I couldn’t obtain the loan alone so I needed a second person to sign with me, also known as a co-signer. \u00a0The payment seemed okay at the time, but I learned quickly that a credit union can make a big difference. \u00a0<\/span><\/p>\n

About 3-4 months later, I joined my dad’s credit union and had them give me a quote for my new car. \u00a0Believe this or not, they provided me a quote which made the payment much less and for the same amount of time. \u00a0I was very skeptical because I had no idea what I was doing, but I took the plunge. \u00a0I thought all banks were basically the same. \u00a0However, the credit union came through, paid AmSouth off, obtained my loan, and saved me a ton of money each month. \u00a0How about that?<\/p>\n

The commercial bank works for them, but the credit union works for us.<\/em> <\/span><\/p>\n

Today is Friday!<\/span>
\n<\/span>While I spent time discussing commercial banks vs credit union, the point is for you to go into your finances with a plan and don’t be afraid to alter your plans. \u00a0One of the biggest goals we set has to do with growth. \u00a0Pamela and I have decided to improve in every area of our life which includes banking. \u00a0We study where we are and plan to get a better destination even when it comes to how we bank. \u00a0What would taking a little time to evaluate what you’re doing in the area of banking make happen for you? \u00a0Leave a comment below.<\/span><\/span>
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