LOS ANGELES (11/18/14)--In a recent post, GOBankingRates.com illustrated how consumers and members can ferret out the best local credit unions.
The post "How to Spot the Best Credit Union or Bank in Your City" lists the five characteristics that every good financial institution must possess.
It starts with online banking.
"Everyone values convenience," the Los Angeles-based website wrote. "If you are looking to handle more of your banking from home, it's a good idea to speak with a potential bank or credit union's representative to determine what online banking options are available."
Nearly 60% of all credit unions offer online bill payment and more than 35% of credit unions offer mobile banking, according to the Credit Union National Association 2013-14 Fees Report.
GOBankingRates lists personalized service as the next identifier of a quality credit union.
"It's also beneficial to bank where you're known on a first-name basis," the article said. Members and consumers should pay attention to how staff members treat them upon first visits to the financial institution.
Credit unions consistently outrank banks in terms of customer satisfaction and member service, including in the 2013 American Consumer Satisfaction Index (News Now Dec. 10, 2013).
Next, GOBankingRates said the financial institution's ATM network, as well as its branch hours and locations, are important to consider.
"Determining how close a bank is to your work, your home and where you run errands is important," GOBankingRates said.
Finally, consumers should research the financial institution's services and products.
Questions potential credit union members or consumers should consider when looking into a new financial institution are: