Burbank City Credit Union
Burbank City Credit Union is dedicated to offering the best financial services to their members. They know that each individual has a choice for who they use when it comes to their banking needs. That is why Burbank City is dedicated to offering not only the best financial options, but also the best customer service. Whether one is in need of a new car, purchasing a home, opening a savings account, or even in need of a checking, Burbank has great options to choose from. Competitive rates and exceptional customer service is only a few factors that distinguish Burbank City Credit Union from their big bank competition.
Currently Burbank City Credit Union has many different loans to choose from. First and one of the most common is a car loan. They offer fixed rates for cars, trucks, SUV, vans, and motorcycles. They offer up to a 125% MSRP and terms as low as 1.49% APR. They finance recreational vehicles. With those loans they offer GAP protection against high-cost losses. It is called guaranteed asset protection that pays the difference between what an insurance pays in a loss and the actual value of the vehicle. And lastly, the mechanical repair coverage which could save the consumer a lot of money. Another loan service is personal loans and lines of credit. Personal loans up to $50,000 fix rates. The personal lines of credit up to $50,000 with no initial advanced required. These lines have terms as low as 2.75% APR.
Home purchase loan offer terms as low as 3.519% APR. They have fixed monthly payments and flexible terms available. 15-, 20- and 30-year terms. One of the more popular loans is a home equity loan. They offer variable rates of 4.25% APR. They allow borrowing up to $150,000 with a Loan to Value (LTV) of 70% or less and borrowing up to $100,000 with a LTV of 71% – 80%. In addition to their loans they offer debt protection. In the event that the borrower faces a loss of life, including those caused by acts of war, disability, including those caused by acts of war, or involuntary unemployment their loans would be covered. This allows them to maintain their credit and not lose their purchase.
Burbank City Credit union also offers deposit rates. Certificate dividend rates are as high as .698% with an APY of .700%. The flex Certificate offers dividend rates are as high as .449% with an APY of .450%. Bump Certificate dividend rates are as high as .399% with an APY of .400%. They also offer a balance builder certificate. This offer dividend rates of .100% and APY of .100%. A liquid certificate offers dividend rates are as high as .150% with an APY of .150%. Their savings plus certificate provides dividend rates of .150% and APY of .150%. Regular Savings account deposit rates offer dividends of .05% and APY of .05%. The money market rates have an APY of .250%. Their individual retirement account IRA of .250% APY. The regular checking accounts do not offer any type of rates. EChecking account rates offer dividend rates of 1.982% and APY of 2.00%.
The rates offered by Burbank City Credit Union are better terms than that of local banks. This is not only in the loans, but also in the deposit rates as well. Their regular checking is the same as the big banking institutions because it does not yield any type of return. Their convenience fees and other charges are far less than that of traditional banks. Monthly charges and overdraft fees are not nearly as high as the large banks. Because they are a local credit union, they have partnered with 28,000 CO-OP ATMs nationwide, which allows 24/7 access. So in addition to offering all the services that the traditional banks provide, they do it at a better rate and are eliminating some of the downsides to credit unions.
Traditional banks have lost a lot of credibility in light of the collapse of major banking institution Lehman Brothers and Bear Stearns. Many consumers are afraid they will lose their investments, savings, and everything in between. Even being backed by the government, there is still a certain amount of risk. This is due in part to the fact that major banking institutions are profit driven. This means they will require hire fees and take larger risks with their consumer’s money. Traditional banks also offer lower rates on deposit accounts. However, large banks are typically more accessible. ATM’s on every corner, and branches all over the United States. Credit Unions are typically local, so access it not always available.
Fees are another very big area of differentiation when it comes to banks and credit unions. Big banks charge monthly maintenance fees that average to be around $12. This totals up to be a $150 yearly. That can be quite burdensome for some. On the other hand, credit unions typically do not charge for their checking services. Big banks also charge an overdraft fee in excess of $30 per occurrence. Credit Unions typically charge closer to the $20 side for overdraft fees. Also, the non-ATM withdraw fees are comparable for both banks and credit unions at around $3. All of the loans comes with additional fees as well. Withdraw, transfer, early pay, and many more, all tack on additional costs for the consumers and additional profit for the financial institution.
Knowing the pros and cons associated with credit unions allow the consumer to make an educated decision when choosing their financial institution. Customer service is another factor that goes a long way in considering between a bank and a credit union. Big banking institutions have far more customers entering their building on a daily basis. It is a lot harder for them to personalize with their clients because of the large amount of traffic. The focus becomes more on getting them in and out of the building in a time efficient manner. Credit unions can provide more personalize attention to their clientele because there is a significantly smaller traffic base. Most credit unions are member based, so they have specific criteria’s that allow people to join. This is also a service that allows the customer to feel like more than a loan certificate number or just a checking account.
Competitive rates and exceptional customer service is only a few factors that distinguish Burbank City Credit Union from their big bank competition. As their APR, APY and dividend rates clearly show, they have the potential to provide far better options than their local competition. Burbank City Credit Union has gone to great lengths to provide not only local services, but also services from their website. It provides a wealth of information which is just another form of customer service. Credit Unions are profit driven just like banks, but on a much smaller scale. They don’t have to charge fees for every little thing in order to increase the bottom line. Having to choose between a traditional bank, and Burbank City Credit Union personally the options are clear. Better terms, rates, and customers service concludes the best option would be the credit union.