As a broker, you know that financial management is one of the key skills necessary to running a successful business. The same is true for your agents.
REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union, offers a variety of financial solutions for REALTORS®, with an understanding of the unique needs of real estate brokers and agents, making it easier to manage cash flows while also providing savings over other banking alternatives.
Checking and Savings
Whether you’re segregating funds for clients or planning for upcoming expenses, the Credit Union offers numerous options, including a tax savings account, a dues savings account, business and personal checking, and much more. It’s a great way to manage the seasonal income fluctuations agents often experience.
Escrow Checking Accounts
For brokers, one of the most attractive services are escrow checking accounts, something credit unions previously weren’t allowed to offer. However, after years of lobbying, the Credit Union was able to gain support from the National Association of Federally-Insured Credit Unions and successfully lobbied for a legislative change with the National Credit Union Administration (NCUA), which took effect in 2016. Now, the Credit Union is able to offer escrow checking accounts to REALTORS®.
Personal Borrowing
Sometimes, real estate agents face difficulties obtaining their own mortgage, simply due to the way they report their income. The Credit Union helps you work around that challenge by using qualifying requirements that are based on your bank statement, not your tax return.
You can also apply for loans to purchase a vehicle, for your own professional development, for college tuition, and various personal and lifestyle needs. Every loan provides excellent terms and competitive rates.
REALTOR® Credit Card
One of REALTORS® Federal Credit Union’s most popular offerings is an exclusive credit card displaying the REALTOR® logo. Members can select among several real estate-themed designs and can even customize their card with an additional line imprinted beneath their name, stating their industry focus or their designations. There’s no annual fee, and members also earn points that can be redeemed for merchandise, travel, events and activities.
Convenience
The Credit Union offers a variety of banking options, regardless of whether you prefer brick and mortar facilities, online banking, or mobile banking.
There are over 5,500 shared branch locations nationwide, plus more than 33,000 fee-free ATMs across the U.S. Online and mobile banking also provide 24/7 banking options. Unlike many mobile banking programs, which place tight limits on daily deposits, REALTORS® Federal Credit Union allows up to $25,000 per day for personal accounts, and even more for businesses.
Whenever you need personal assistance, you can speak to a relationship manager who understands the nuances of the real estate industry and can answer all your questions. Their concierge service is available to help you set up your account.
Educational Resources
The Credit Union also provides free and confidential financial counseling and education, in addition to literature, videos, tools and webinars, such as “7 Financial Habits of Highly Successful Real Estate Professionals” and “Your 2017 Business Plan.” Consider incorporating these and other topics into your next sales meeting. New one-hour webinars are held monthly, and over a dozen webinar topics are archived online. Visit www.realtorsfcu.org/about/events for more.
The Credit Union for REALTORS®
Created by the National Association of REALTORS® (NAR) in 2008, REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union, was formed to address the unique savings, lending and credit needs of NAR members. The Credit Union is a partner in the National Association of REALTORS®’ (NAR’s) REALTOR Benefits® Program. Family members are eligible to join and take advantage of these same benefits. Learn more at realtorsfcu.org.
For more information, please visit www.nar.realtor.
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