Tips & Advice
What are financial products?
Financial products are designed to help you achieve objectives such as saving money, obtaining insurance, establishing a line of credit, investing, or getting a mortgage. Financial products are issued by organizations such as banks, credit unions, investment management firms, mortgage companies, insurance agencies, credit card companies, and stock brokerages.
What is a financial consultant?
A financial consultant is a professional who is qualified to provide guidance in the area of financial management. Some of these experts work for financial institutions, while others are self-employed and work directly with the public. A financial consultant can help you develop a financial strategy focused on savings, retirement, investments, or insurance, and Many are licensed to sell financial products such as stocks and bonds.
Types of financial services
- Financial planning: With financial planning, a financial adviser can help you chart a course to achieve a specific financial objective. Financial planning can be focused on things such retirement planning or funding your child's college education.
- Insurance: Insurance can be used to protect your most valuable assets, and policies are available to cover items such as your car and your home. Insurance can also be used to provide a source of income if you become disabled, and it can cover the costs associated with long-term care. Life insurance can be used to provide funds for your dependents after your death.
- Investment management: A well-chosen investment portfolio can provide you with consistent income over the years, and professional investment management can provide guidance to make smart portfolio choices. Investment management might involve the purchase of products such as stocks, bonds, and mutual funds.
- Loans: A loan can help provide the funds you need to finance large purchases, and can cover your expenses in emergency situations. Loans can be used to finance the purchase homes and cars, and they can be used to provide the funds for home remodeling or major car repair.
- Credit cards: A credit card allows the holder to purchase goods and services using credit issued by the card's provider.
Trust and estate planning: With trust and estate planning, you can create a strategy to ensure that your assets are passed on to the beneficiaries of your choosing.
What do financial services companies do?
Financial services companies provide financial planning, insurance policies, estate planning, investment management, loans, and credit cards. These financial services companies include retail and commercial banks, internet banks, stock brokerages, credit card companies, insurance companies, investment banks, credit unions, savings and loans associations, and mortgage companies.
What are financial services?
Financial services are professional services associated with the management of money and assets. These services include investment activities, such as those related to stocks, bonds, and mutual funds. Loans and lines of credit also fall under this umbrella. Additionally, financial services include insurance coverage and tax preparation.
What services are offered by a credit union?
Credit unions offer a wide variety of services, starting with checking and savings accounts. They offer home, auto, and personal loans. They can also offer credit cards and financial services, like debt consolidation, retirement accounts and certificates, investment opportunities. In addition to the many financial services, they also offer access to thousands of ATMs, many for no fee.
Do credit unions offer credit cards?
Credit unions absolutely offer credit cards, and the best part is that they can offer lower interest rates than banks can. Monies made off of interest and fees are put back into the credit union in an effort to provide members with lower interest rates on loans and credit cards. Most credit unions don’t charge annual fees on their cards.
Do credit unions require a minimum balance?
Most credit unions do require a minimum balance. Even an empty account has maintenance, monitoring and activity reporting (statement) costs. Each credit union has its own guidelines on minimum balances and fee structures, so check with your specific credit union to understand their guidelines. Most waive a monthly fee if your balance is over a certain amount, but once it drops below that, they start charging monthly fees. Be aware there may be different minimum requirements for your checking versus your savings accounts.
Do credit unions have ATMs?
Many credit unions have their own limited amount of ATMs, but most credit unions are members of the co-op financial services network, which provides free ATMs to their members all over the country. You can check with your specific credit union, but outside of a few individually owned ATMs, most member have access to them with no fees.
Credit unions are very safe. Most credit unions and their members’ shares are covered by the National Credit Union Insurance Fund (NCUISF). All Federal Credit Unions are protected by the NCUISF. Some, but not all, state-chartered credit unions are insured by the NCUSIF. Others have their own state insurance or private insurance.