FAIRFAX, Va.--(BUSINESS WIRE)--The completion announced today of the merger between Apple Federal Credit Union (Apple) and Vantria Federal Credit Union (Vantria) results in a broader array of products and services for Vantria members. To ensure consumers are getting the most from their financial institutions, Apple urges them to consider these top five tips when deciding if their money is in the right place.
“In my mind, the decision on where to go for your financial needs really boils down to five things,” says Apple Vice President of Community Relations and Board Member of the Apple FCU Education Foundation Robert L. Sowell, Sr. “Since 2008, the personal banking landscape has changed and DC ranks high for options. Consumers don’t have to settle for what their institution offers because there are numerous choices out there and credit unions are stronger than they have ever been. ”
- Look for low fees and loan interest rates – Fees and loan interest rates tend to be lower at credit unions than at traditional banks. According to a Bankrate survey released in March, 72 percent of credit unions offer free checking, versus just 39 percent of banks. Credit unions tend to offer higher interest rates on savings and often have more flexible loan terms than a bank.
- Consider convenience – Seek a financial institution with lots of branches, weekend hours, conveniently located ATMs or access to surcharge-free ATMs, mobile banking options via smartphone or tablet, and more. Verify that online banking is secure and free of charge. Request a demo of the online bill pay service. Check for extra free perks offered – can an online account be linked to a money management system such as Quicken®?
- Find out how customers are treated – Credit unions are not-for-profit organizations owned by their members, whereas banks are for-profit companies answerable to shareholders. The American Customer Satisfaction Index™ year after year finds higher levels of customer satisfaction with credit unions than with banks.
- Check local credit unions’ membership eligibility – Many credit unions started off limited to certain groups, but in recent years have broader membership criteria. For example, Apple FCU – originally started by and for teachers – now extends membership to faculty, staff, students and immediate family members of many Northern Virginia public schools, as well as two universities and a community college. In addition, membership is open to anyone who “lives, works, worships, volunteers or attends school” in Fairfax and Prince William Counties.
- Keep your money local – If you buy locally grown produce to support farmers in the area, why not choose a local financial institution, too? Loan eligibility and other decisions made locally by credit union representatives who understand the local landscape can often be to your advantage. Also, find out if the institution gives back to the community. For instance, Apple FCU helps school children in Northern Virginia through their long-running back-to-school supply drive. In addition, through its foundation, Apple provided $700,000 in support for training programs for new teachers and scholarships to local students.
“Credit unions have stepped up their game as a competitive option and membership is booming,” says Sowell. “If consumers are going to make informed decisions about where to go to get their financial needs met, then they must consider a credit union. “
Apple Federal Credit Union’s Mission: Through a lifelong partnership with anyone touched by education, Apple FCU helps members achieve their dreams by offering competitive financial solutions, with dedicated personal service. Apple exists, not for profit, but for the benefit of its members.
