When is the last time you heard of a bank offering Free Checking in Reno, Nevada? You haven’t? Ummm … that might be because, for the most part, banks no longer offer free checking. After all, checking fees are one of a bank’s “bread and butter” means of generating revenue. However, if you desire Free Checking in Reno, Nevada, you need to check out a credit union, such as Great Basin Federal Credit Union, which offers free checking. Why do they offer offer free checking when the banks do not? It all has to do with the differences between banks and credit unions.
Many people think banks and credit unions are the same, and fail to realize that while they both perform many of the same functions, they differ in their underlying core principles. Essentially, banks are “for profit” and credit unions are “not for profit.” Banks are in the business of making money for their investors. Credit unions are in the business of serving their members, not maximizing profits for the sake of mere money.
Both banks and credit unions make loans, provide checking, debit and credit card services, and accept deposits. However credit unions, unlike banks, are jointly owned by the participating members, and as such receive various benefits that are not offered by banks. Credit unions return profits to credit union members in the form of benefits such as Free Checking in Reno, Nevada, and in lowered loan rates and fees, and in higher interest rates on money invested in savings, certificates of deposits, and the like.
How does one become a credit union member?
Each credit union exists to serve a particular segment of the local society. Chances are, there is a category into which you will fit. Credit unions are usually based upon the community in which you live, your place of employment, or associations to which you belong. Membership in Great Basin Federal Credit Union is open to any person who works, lives, attends worship services, owns a business or receives education in Washoe County, NV. If you fit into any of these categories, you owe it to yourself, your family and your finances to investigate the multiple financial benefits waiting for you when you become a member of one of Nevada’s greatest credit unions … free checking is possibly one the least of the great benefits to joining this friendly and welcoming family!