Passbook Savings Account

You may have drastically noticed the rise of credit unions, I sure have. Whether this is due to the current financial challenges in the United States or simply a great business to own, you can not deny that there are quite a few credit unions available when looking to open up your next passbook savings account.

Could this be due to declining consumer confidence of the major banking institutions? Where last year we turned on the television and seemed that every day, another major bank was filing for bankruptcy.

Like most people, I want my money in the safest place possible and I’m sure you’re not much different when it comes to personal security. So what is the best place for your money? What is the best passbook savings account for you? Traditional Banks or these new cutting edge Credit Unions?

There is no one answer. Personally, I have savings accounts in both institutions, but keep a majority of my money at my credit union. I found that credit unions give you the “Cheers” feeling. Do you remember that TV show? Whenever the character Norm (a regular visitor) enters the bar, everyone turns to him and says, “Norm.”

It’s not quite to that extreme, but I find that after about a month of doing weekly banking, the customer service reps would remember my name and remember things about me. It was like my own personal “Cheers” without the beer and drama.

This is something I’ve never experienced with traditional banking systems. You find one teller that you like, and the next month they are no where to be found. There seems to to be a much higher rate of turnover with the staff.

Another benefit with this “Cheers” style of banking is improved customer service. You over draft your account, lose your banking card, or have any other problem, credit unions seem to have much better customer service and will reverse fees more often than traditional banks.

Want to open up other accounts and apply for loans? This is another benefit of credit unions. After being in mortgage and automobile sales, I have a pretty good idea of which banks will work for their customers and which won’t. Traditional banks go by the book; either you qualify for a loan or you do not.

Credit Unions will consider everything and not just look at the credit score, but also the person. They will consider how long you have banked with them. How close you are to the next tier level to get a better interest rate. They can even be contacted on the phone and sometimes convinced that this is a good loan for them to take.

As stated before, there is no one solution for every person when search for their next passbook savings account. However, credit unions have many benefits that traditional banks do not have. It is because of this, you should have at least one account with your local credit union.

Tags: Credit Unions, passbook savings account, passbook savings account rates, passbook savings accounts, savings account passbook, savings accounts, traditional banks