If you want to avoid fees when banking, your best financial move is probably to join a credit union! Compared to banks, Credit Unions are famous for lower fees.
Banks charge mortgage-related fees for processing/underwriting, credit reports, and closing fees. On the deposit side, there are often fees for statements (if not e-statements), monthly maintenance fees, and out of network ATM fees.
“At MMCCU, with regards to the mortgage side, there are no processing/underwriting fees charged and no credit report fees,” said Shelly Hughes, Mortgage Loan Officer.
“There are also traditionally lower and fewer fees at a credit union, as compared to a bank,” added Carol Rae Kulibert, Operations Manager. “If you are concerned about fees, we encourage you to consider a credit union!”
Banks charge fees as a source of revenue, but at a credit union the focus is on people – not profits. Credit unions are cooperatively owned and democratically controlled financial institutions focused on serving members and their community. Unlike competing financial institutions, credit unions return their profits to members in the form of lower fees and interest rates and higher yields.
Not-for-profit credit unions provide the same products and services as banks, but with unmatched service, convenience and cost.
“The cost to process a mortgage transaction is less than half of what you would expect at a bank and the rates with the credit union are typically more favorable as well,” said Hughes. “At the credit union, it is more about what we can do for the member, rather than at the bank it is more about what fee income can they collect from the customer.”
