When it comes to your personal banking, you have a number of options available. Generally speaking, if you have access to a credit union it's better to go with that than a traditional bank. Unlike a bank, where you're considered a "customer" and the bank has stock holders to satisfy, you're a "member" of a credit union because you essentially become a part owner of the union when you become such a member. This comes with a number of desirable benefits. One such credit union you need to consider is Sun East Federal Credit Union.
What Is Sun East Federal Credit Union?
Credit unions, because there are no stockholders, often come with reduced fees and interest rates. If you're a member, you'll likely receive a more desirable interest rate on loans like car loans and mortgages. You also won't have as many fees tacks onto your accounts. Banks must bring in more money and show profits. This is not the case for a credit union such as Sun East Federal Credit Union. While there is still a head of the union, the main goal here is to service the members while providing improved services.
Becoming A Member
Not everyone is able to become a member of individual credit unions. Many unions have requirements, and if you do not fit the necessary requirements, you are unable to become a member. The same is true with Sun East Federal Credit Union, although these requirements are not as strict as what you'll often find with other credit unions.
When you visit the Sun East Federal Credit Union, you can become a member based on where you live. You'll need to enter in your street address, and if you're in a region serviced by one of the local branches, you'll be "pre-qualified."
If you are not in one of the established locations Sun East Federal Credit Union is looking for, that doesn't mean you can't become a member. There are two other options. If a family member is a member, you'll automatically pre-qualify.
The last option is to check if your employer is covered. Sun East Federal Credit Union works with over 1,000 businesses, so if your business is covered then you will pre-qualify. On the Sun East Federal Credit Union membership page there is an employer pull-down menu. Look to see if your employer is on the list. If your business is not mentioned and you do not fall under one of the other pre-qualifying options, you can still contact a local Sun East Federal Credit Union branch directly to see if there is a way to qualify, but typically you must fall into one of these three categories.
You can talk to your employer to see if they would contact Sun East Federal Credit Union and become a member. However, the business will probably need to switch its banking services over to the credit union which is a time-consuming process (although it may save the business money long term).
If you're looking around at possible financial institutions to do most of your banking, you may wonder what Sun East Federal Credit Union is able to do for you. For starters you'll receive lower rate loans than what traditional banks offer. You should still compare options, but in general you'll almost always receive lower interest rates on personal loans, mortgages, home equity loans, credit cards (and reward credit cards), auto loans, and share secured loans.
There are a number of high-yield savings and investment opportunities to take advantage of when doing your banking through Sun East Federal Credit Union. This includes free checking accounts and overdraft protection, savings accounts, business checking accounts, USave interest checking, plus certificate accounts and IRA and IRA certificates.
Sun East Federal Credit Union works with local insurance providers, so if you use one of the local insurance providers for your renter's auto, or homeowner's insurance, you'll receive additional discounts on your monthly premiums. There are also credit union rewards where the credit union works with third party businesses to offer you added bonuses. These bonuses will differ, so it's important to stay on top of these changes and consult the Sun East Federal Credit Union website.
As an example, rewards and bonuses at the end of 2018 included receiving $100 cash back for opening a new line with Sprint, receiving $15 back when using TurboTax, and a number of savings benefits when using local services.
Locations & Branches
Naturally, before signing up and joining the Sun East Federal Credit Union you will want to know if there is a local branch nearby. This might be the difference of signing up for a service or going with another bank or credit union.
The Sun East Federal Credit Union functions primarily in Pennsylvania although there is one Delaware location with the possibility of others opening in the future. In terms of Pennsylvania locations you'll find credit unions in Aston, Boothwyn, Concordville, Nottingham, Springfield, and Upper Darby. There is also a location in Wilmington, Delaware.
Mobile Apps & Online Banking
Online banking with Sun East Federal Credit Union is easy. If you are a member of the credit union, it will take just a few moments to log into your account. If you're a member but don't have an online account, you can create such an account relatively quickly.
Signing Onto Your Account
If you already have an online account, you'll need to head over to the website. Once there click on the lock icon in the upper right corner of the screen. When the pull-down menu appears type in your user name and password. From there you'll be transferred over to your account.
Creating An Online Account
If you currently don't have an online account with Sun East Federal Credit Union, you'll need to set one up. You do need to be a current member of the credit union to create an account, so if you don't have an account at all with the credit union then choose the "Apply for Membership" option on the page and then follow through with the specified requirements.
As long as you are a member of the Sun East Federal Credit Union you'll be able to create an online account. Click on the lock icon in the upper right corner of the main screen, then choose to Create an Online Account.
This will take you to a new page where you'll need to then create your online account. Now, click the "First-Time Users" option. This is a bright yellow button on the right side of the screen. This takes you to the secure sign up page.
Once on the new page you'll need to type in your member number. Your member ID is listed on the banking card you use at the local branch. You will also need to type in the last four digits of your Social Security number. Click "Continue" and the website will authenticate the information. On the next page you'll now want to enter in your email address, create a password (there are specific requirements for your password, so make sure to follow these when creating your password). You may also want to type in a new user name instead of using your email address (but it is up to you).
Once you submit all the new information, you'll want to head over to your email account and open the email message sent to you by Sun East Federal Credit Union. Now, click on the available link within the email message. You'll be taken to the log-in page where you need to type in your created user name and password. You now have access to your online banking and can do everything from the Internet as you would from a local branch, including the application of loans; although for major loans like mortgages you'll need to head into a branch to finalize some documents.
Using the mobile app is no different from using the online account. You'll want to create an online account first prior to downloading and using the app. There is an app available for both Android and Apple iOS devices, so no matter what phone you're using you'll be able to download the app.
Download the app and enter in your online login credentials. Once you have logged onto the account, you can transfer funds between accounts, make payments, look up what you have in your account.
If you're able to, it is almost always more beneficial to use a credit union than a bank. With a bank you'll have access to more branches, but with a credit union you'll receive lower interest rates on loans. So at the very least if you might need to take out a loan in the coming months (or years) it's worth opening up an account with Sun East Federal Credit Union. Plus, you can do all of your banking through the website or mobile app.
Featured image by nattanan23 via Pexels.