5 Top Reasons to Join a Credit Union Instead of a Bank

By letting the LOS do what it does finest (handling info and transactional workflow) and integrating the documents and info in the ECM technique to the LOS, end users are ready to keep in the organization software they are most comfy with. In the finish, you obtain efficiencies like improved productivity and happier workers.

three. Maintaining a mortgage bank loan

The LOS is developed to be transactional so the photographs are tied to that one house loan transaction. But, that frequently brings about the documents to be held hostage in that program. By transferring the images into the ECM archive and enabling workflow, paperwork can be shared with other programs – and much more importantly, other departments – that might not have access to the LOS. In addition, the LOS does not have file retention capabilities, so when the loan is paid out off there is no way to begin a retention period of time and delete the document image when the retention interval expires.

The day has come: Credit unions have had the large “aha” moment: Even the greatest core systems can not get rid of paper and the fees and slow processes that go along with it. Now, it is time to place these ideas in to apply and get benefit of workflow and other credit union software.

Banks hate credit unions with justified reason. Banks are in business to make money for their businesses and owners. Bank customers are viewed as a source in income. Credit unions on the other hand are not-for-profit entities brought together to share resources and benefit members. In short, if you’re banking using a commercial bank, you’re a source of income. If you’re banking with your cooperative financial institutions, you’re among friends.

A credit union is an accumulation of individuals with a commonality. Perhaps they are all employees of certain company or live in a certain area. There financial organizations have grown to well over 72 million members in the, so it stands to reason there are plenty of unions these days to potentially join.

A credit union is a cooperative entity owned and managed through the people who actually use its service. A group of people attended together to share money. If you belong to one of organizations, you’re a member, and as a member you get yourself a voice in how the union is run. And because these banks are owned by those people using it, there is terrific incentive for those organization to offer high rates of return on savings, low rates on loans and allow terrific customer service. The not for profit charter that governs these businesses means fortunately they are not trying to profit from loans or accounts, which boosts better than average rates. You can see why banks aren’t enormous fans.

Credit unions offer the same basic services as standard banks. They may not have the full range of investments plus more obscure options for investment and savings, but they do possess checking and savings options. But unlike traditional banks, the not-for-profit cooperative schools don’t actually call their services “checking” and “savings. ”

At the credit union, a checking account is called a share draft account and a savings account is a share account. Considering that these cooperative organizations are simply an accumulation of people sharing money with each other at reasonable rates, the names make a certain amount of sense.