Is your credit union offering you access to a full range of financial services? Or are there some services that you’ve never heard of? For years, the answer was yes to both those questions. But given recent changes in the way many Americans budget for their monthly spending needs and rising prices, more people are asking if their Utah Credit Union banking will offer them the financial services they need and want.
If your credit union is like many others, it offers flexible loan programs that allow members to borrow money for a variety of purposes. Credit unions also offer deposit accounts such as savings accounts and certificates of deposit (CDs). And both business and consumer credit cards are available from most credit unions.
Many credit unions also offer their members a full range of financial services, including products and programs that aren’t available at banks. And many credit unions have recently added a variety of new products and services that are designed to meet the needs of members who want to build a brighter financial future.
But some of those new credit union products and services may not be available at your credit union or all branches. The reason is that only a very few products are actually required for your credit union to operate by regulators.
In fact, the financial services, and products available at your credit union have been limited in one way or another by laws and regulations that were adopted decades ago before most people even knew what a credit union was. The purpose of these laws and regulations was to make sure that banks provided consumers with the products they needed to see them through all stages of life, such as for education financing, mortgages, car loans, and retirement planning.