{"id":5349,"date":"2021-09-15T10:45:02","date_gmt":"2021-09-15T16:45:02","guid":{"rendered":"https:\/\/www.dncu.com\/?p=5349"},"modified":"2024-10-25T13:33:03","modified_gmt":"2024-10-25T19:33:03","slug":"how-why-to-switch-financial-institutions-your-credit-union-switch-kit-guide","status":"publish","type":"post","link":"https:\/\/www.dncu.com\/es\/blog\/how-why-to-switch-financial-institutions-your-credit-union-switch-kit-guide\/","title":{"rendered":"How & Why to Switch Financial Institutions: Your Credit Union Switch Kit Guide"},"content":{"rendered":"

Are you dissatisfied with your current financial institution? Consider switching to a credit union like DNCU. In this blog, we\u2019ll look at why people switch financial institutions, the benefits of switching to a credit union, and how to make the switch.<\/p>\n

Why Switch Financial Institutions?<\/h2>\n

Nearly 50% of consumers switch financial institutions<\/a> at least once, and 56% have accounts with more than one financial institution. Let\u2019s look at the primary reasons people make the switch.<\/p>\n

A Big Move<\/strong><\/p>\n

Relocating to a new city or state can prompt a switch in financial institutions, especially if your previous bank or credit union doesn\u2019t have a branch location in your new area. For example, if you\u2019re new to Rio Rancho<\/a> or Northern New Mexico, we\u2019d love to have you join DNCU<\/a> as a member. With our participation in the Co-Op Shared Branching Network<\/a>, you\u2019ll enjoy access to other shared branching credit unions and co-op ATMs nationwide. If you\u2019re new to Northern New Mexico, our Rio Rancho Location Guide<\/a> can help you get more familiar with the local area. Switch to DNCU and you\u2019ll never need to switch financial institutions again.<\/p>\n

Fed Up With Fees<\/strong><\/p>\n

Account-related fees, such as overdraft charges and out-of-network ATM fees, have become a huge source of revenue for banks. And these fees tend to fall disproportionately on the account holders who are already struggling to get by. If you\u2019re fed up with paying monthly service charges and other fees, make the switch to DNCU. Our New Mexico checking account options<\/a> include two checking accounts with no monthly service fee and an interest-bearing account that only requires a $100 minimum daily balance to avoid the service fee. You can also add Courtesy Pay Overdraft Protection. We always strive for transparency; check out the rates and fees<\/a> on all our accounts and loan options.<\/p>\n

In Search of Better Rates<\/strong><\/p>\n

You work hard for your money, so why shouldn\u2019t it work just as hard for you? The Federal Reserve\u2019s benchmark interest rate fluctuates according to the health of the national economy. Simply put, when the benchmark rate falls to near zero, as it has recently, rates on savings accounts and CDs also fall. That\u2019s why you should switch to a financial institution that makes it easy to earn interest on your money. Whether the benchmark rate is lower or higher, DNCU makes it easy to grow your funds with our Star Checking interest-bearing account<\/a> and our variety of savings account options<\/a> with only a minimum balance of $5.00 to start earning dividends.<\/p>\n

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Benefits of Switching Financial Institutions<\/h2>\n

In addition to the three big reasons for switching financial institutions we covered in the previous section, you may be looking for additional benefits like mobile banking and a wider variety of services to choose from. Let\u2019s take a closer look at the benefits of switching financial institutions.<\/p>\n

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  1. A member-owned financial institution like a credit union makes decisions to benefit its members<\/strong> rather than the board members or stockholders. This makes a difference when it comes to interest rates, APR, fees, and other monetary factors.<\/li>\n
  2. Earn a higher interest rate<\/strong> on your savings account, Money Market<\/a>, o Certificados de acciones<\/a>.<\/li>\n
  3. Get lower loan rates<\/strong> on personal loans<\/a>, auto loans<\/a>, and mortgage\/home loans<\/a> when you switch financial institutions to a credit union.<\/li>\n
  4. Whichever financial institution you switch to, you\u2019ll have the peace of mind of knowing your deposits are insured up to $250,000<\/strong> under The National Credit Union Share Insurance Fund or the FDIC. So, you can switch from a bank to a credit union without losing any protection.<\/li>\n
  5. Switching from a national financial institution to a community bank or credit union means feeling good about knowing your money goes back into your community<\/strong> through business loans and home mortgages, as well as through charitable giving<\/a>.<\/li>\n
  6. Enjoy a better customer service experience<\/strong> when you switch to a local financial institution like DNCU. Our employees work and live in New Mexico, so you can count on us for financial insights and local expertise in the Land of Enchantment.<\/li>\n
  7. Continue your financial education<\/strong> with blog articles<\/a>, podcast episodes<\/a>, and other free financial resources to help you sharpen your money management skills. At DNCU, we also offer free financial counseling<\/a> and other resources for our members.<\/li>\n
  8. The convenience of <\/strong>online and mobile banking<\/strong><\/a> is generally now available at all financial institutions, so you don\u2019t have to give up remote check deposits and other features you love to make the switch.<\/li>\n<\/ol>\n

    How to Switch Financial Institutions<\/h2>\n

    Ready to make the switch to DNCU? It\u2019s easy\u2014no hassles and no red tape. Join online<\/a> now! There are a variety of eligibility requirements<\/a> and you only need to meet one to join. Follow these steps to easily switch financial institutions:<\/p>\n