Harvard University Credit Union is an important resource for students. It offers financial support and tools to help them manage their money and build credit. It makes handling expenses easier so students can focus on their studies and plan for a secure future.
However, bank accounts and credit unions are the same to some extent, as both allow checking and saving accounts. But when you dive deeper, you’ll come to know that joining credit unions is much more beneficial for students. That’s why students now prefer these unions, which brought a surge in the assets of this organisation.
According to an annual report by HUECU, there is a 5.87% or $375 million to $6.5 billion increase in the asset growth of the Harvard University credit unions. If you want to learn more about the benefits of joining this platform for students, continue reading this article.
What is Harvard Credit Union?
Harvard Financial Credit Union is a non-profit organisation founded in 1939 by employees. This financial body is designed to serve students, faculty members, postdocs, alumni, fellows, and others. Harvard affiliates and their family members are also allowed to join.
One of the best parts about this union is that its membership lasts for a lifetime, just like the Harvard degree. Additionally, funds are accessible to all mobile apps, bank networks, and online banking apps.
Let’s first explore this article’s key insights before moving on to this credit union’s benefits.
Core Observations:
- Harvard University Credit Union is a non-profit organisation that is designed to support Harvard’s people financially.
- This financial body is owned by its members and works for their benefit rather than making shares for companies.
- It saves money by offering students financial products at lower rates and reduces service fees.
- Credit Unions provide personalised support, access to large ATM networks, and protect members’ interests.
10 Advantages of Joining the Harvard Credit Union
Undoubtedly, Harvard University education is tough. Students find it most challenging to manage their finances while performing their academic duties. However, joining Harvard Credit Union can make everything easier. This union handles students’ finances so they can have more time to write academic documents such as assignments, dissertations, or essays.
Although students may enjoy financial freedom, they still sometimes struggle to complete their thesis on time. To address this challenge, they can ask for dissertation writing help, which ensures their papers are completed efficiently and within the required deadlines.
Read further down to explore the benefits of joining the Harvard Credit Union.
1. Credit Union Own by the Member
Unlike the bank, Harvard Credit Union is owned by its members. When you make an initial deposit in this organisation, you not only invest, but it is like buying a share in the company. That means you are not a customer anymore, but you are the owner of it.
The best thing about this platform is that it works to provide the customers with the best services and products rather than just work for the benefit of the stakeholders. This is the main reason that people who join credit unions get higher customer service than bank customers.
2. Offer Better Rates
Generally, the cost of financial products such as home mortgages or car loans is lower at this union than in the traditional banking system. Additionally, students pay fewer fees for exchanging foreign currency, checking accounts, writing transfers, and more.
Credit unions also provide higher returned interest than banks, which eventually helps you grow your credit union profile more rapidly. All in all, joining this organisation allows students to achieve financial independence by saving more money.
3. Members are More Involved
One of the key benefits of joining the Harvard Credit Union is that it offers great opportunities for students to be more involved in this financial platform. No matter how much money you have deposited to this union, you can cast your vote in electing the board of directors.
These boards of directors are the important members of this body who approve the interest rates, appoint the CEO, decide employees’ wages, and appoint new employees. No matter who you vote for, these directors are volunteers. On the contrary, in traditional banks, directors are being paid and usually don’t reside within the community.
4. Personalised Services
When students join Harvard Credit Union, they receive personalised services. Whether they visit the branch in person or use their online services, they are treated as valued customers rather than just other customers.
When students visit this financial organisation, its employees listen to their questions regarding financial management or loan help. Then, they bring tailored solutions by conducting on-to-on discussions and solving their issues.
5. Provide Great Customer Service
As per a Forbes report, 96% of customers are highly satisfied with the customer service of credit unions. This satisfaction rate is certainly higher than that of traditional banks. The prime reason for this high rate is that in credit unions, members are their own owners, so the services are tailored to their interests.
These services are of such high quality that traditional banks do not tend to offer them or even match them. Additionally, while getting financial services from this organisation, students explore the financial world and understand its intricacies, which is especially important for their educational journey.
6. Access to Financial Resources
Students need valuable financial resources and educational material to make good financial decisions. However, with their academic duties, it is difficult for them to explore these resources. Here, the Harvard University Credit Union comes into play.
This organisation offers various budgeting tools, credit management, and workshops that empower students to make informed financial decisions. Furthermore, they also offer free e-learning platforms which every student can attend anywhere at any time.
7. Access to Large ATM Network
Students who join credit unions get access to a wider ATM network. This means that with these cards, you have easy access to your accounts and can make transactions throughout your country. Additionally, this enables you to transfer the money no matter where you are studying or living.
Convenience is the key that students get with these ATM cards and manage their finances easily. Some people argue that this banking system is smaller than traditional banking, but the fact is that it offers higher flexibility than banks.
8. Offer Lower Rates
Generally, students have a low budget during college or university life. If they have to take loans from banks to fulfil their financial needs, then it is definitely hard for their wallets to return this amount with higher interest. Thanks to the credit union of Harvard University, which is offering loans to students with lower interest rates.
With this, this organisation also offers a variety of products at lower interest rates, such as:
- New car loans
- Fixed-rate mortgage
- Used car loan
- Personal loan
- Credit card
9. Protect Member Interests
Harvard University credit union is designed solely for its members, especially its students. That’s why this union always cares about what is happening in their lives. To help them out, various relief programs for students are initiated to ensure that they won’t be left behind in their hard times.
These programs enable students to repay their loans without enduring undue hardship. By resolving their financial challenges, students can focus more effectively on their studies and work towards completing their degree with a strong dissertation. Should they encounter difficulties along the way, they can seek assistance from UK-based dissertation writing platforms to overcome these challenges and stay on track.
10. Higher Savings
One of the most important benefits of Harvard University credit union is that students don’t need to worry about being nickel-and-dimmed on fees. As mentioned earlier, this financial body is a non-profit organisation that charges very little from students.
Additionally, students can benefit from it by reducing their institution’s fees, getting loans at low interest rates, and, of course, higher savings yields. In a nutshell, this credit union can be a game changer for students who have low budgets by helping them grow their money faster.
Conclusion
University life at Harvard is one of the most exciting chapters in a student’s journey, offering countless opportunities for personal growth and exploration. However, struggling with financial issues during this time can cause students to miss out on valuable experiences.
The Harvard University Credit Union provides an excellent solution for achieving financial stability, allowing students to enjoy their university years without unnecessary financial stress. With benefits like low interest rates, high savings potential, exceptional customer service, an extensive ATM network, and active community involvement, this institution stands out as a reliable financial partner.
We hope this article has provided valuable insights into the Harvard University Credit Union and how it can support your financial needs.