Looking for the Best Credit Union in Florida? Consider These Key Factors

3 MIN. READ

You have a variety of institutions to choose from when deciding where to deposit your money, apply for loans, obtain credit cards, and more. However, it’s important to recognize that there can be significant differences between them when it comes to interest rates, fees charged, access to ATMs, and financial services offered.

How do you find the right financial institution for your needs? Here are some important factors to consider when selecting the best credit union in Florida for you.

How Can I Find the Best Credit Union in Florida? The Top 3 Factors

When considering your options, it's important to understand the differences between banks and credit unions. Both offer deposit accounts, loans, credit cards, and other financial services. However, there's a fundamental difference in their structure and ownership.

Banks are for-profit businesses that answer to and pay their shareholders. On the other hand, credit unions are not-for-profit institutions. They offer the conveniences of modern banking, including comprehensive online tools, but are owned and controlled by members.

1.) Membership Eligibility and Accessibility

Credit unions are required to have a defined “field of membership” that restricts who they serve. For example, some credit unions serve the military community, and membership is confined to active-duty military, veterans, particular groups of government employees or contractors, and their families. Other credit unions restrict their field of membership to a specific employer, industry, labor union, or region, such as Power Financial Credit Union, which serves South Florida.

Membership isn't terminated if someone changes jobs or moves away. You can remain a member for life and take advantage of a national network of co-op shared branches that allow you to access your accounts at other credit unions. You can also use your credit union ATM card at countless other locations that display the co-op's logo.

2.) Range of Financial Products and More Favorable Terms

Credit union products are similar to those found at banks, but the terms and rates can be more advantageous.
Products available at credit unions include:
 

• Personal and business savings accounts for everyday use, college, special occasions, young savers, and health savings accounts for those with high-deductible medical plans.
• Mortgages, auto financing, home equity lines, and consumer and business loans. Criteria for loans from credit unions are typically more forgiving than those from banks.
• Personal and business share-draft accounts, which are the credit union version of checking accounts. If you deposit funds in a credit union share-draft account, you are technically buying shares in that credit union. Those shares earn dividends (i.e., interest). Also, many types of share-draft accounts have no requirements for minimum balances and no maintenance fees.

Credit union fees, loan rates, and account terms are often more favorable than those offered by banks. Rather than paying profits to shareholders, credit unions pass their “profits” onto members in the form of higher returns on savings and share-draft accounts and lower rates on loans.

Credit unions also typically charge lower fees than banks. This includes low or no monthly fees, low or no overdraft fees, and lower account service charges. Many accounts require no or low minimum balances.

3.) Customer Service and Member Satisfaction

Your credit union experience is about more than terms and fees, although these are important considerations. A final concern is whether the credit union you choose offers helpful service and a positive member experience.

Credit unions serve members first, so they tend to offer more personalized attention and better customer service. The staff knows members by name, and the leadership tailors promotions to the community.

For example, Power Financial Credit Union only serves the South Florida community, so we understand the local economy, housing market, major employers, and population. This enables us to provide help and advice specific to members versus the population at large.

Satisfaction surveys continually show that credit union members are overwhelmingly pleased with the service they receive. A 2024 survey found that 88% of members were satisfied with the helpfulness of tellers and other personnel.

Choosing Power Financial Credit Union

There are many financial institutions in South Florida that offer savings and checking accounts, loans, investment accounts, and more. Researching and comparing credit unions is vital to finding the best fit for your goals and needs. After an exhaustive search, many people find that doing business with a bank simply does not make financial sense. Every day, people like you are making the smart decision to dump the high interest rates and fees charged by for-profit banks for a member-centric, community-focused credit union.

When weighing factors to find the best credit union in Florida for you, take the time to evaluate membership requirements, balance minimums, interest rates, ATM availability, and the atmosphere when you visit a branch. We’re sure you’ll want to join the nearly 35,000 satisfied Power Financial Credit Union members.