1. Members first
As a member of a credit union, you own a piece of the organization. Credit unions are not stuck answering to Wall Street — we only want what’s best for you. This keeps our focus in the right place. Instead of working on earning the biggest profits, we can focus on offering superior member service and policies that are as member-friendly as possible. You’ll have a say in the way your credit union runs, and if you find yourself in a difficult situation, you’ll find representatives who are willing and happy to help you.
2. Lower fees
Banks earn a significant portion of their profits through their fees. While a credit union will also have fees attached to certain products and services, these tend to be lower than similar fees you’ll find in a bank. What all this means for you is lots of money saved just by choosing to trust with your money.
3. We’ve got your back
Everyone has their ups and downs. If you’re going through a rough patch, a credit union is willing to work with you through that challenging time. While a bank is more likely to turn down a borrower with a poor credit history, a credit union member representative wants to help you out. Loan officers will be happy to meet with you and work to find a loan that best suits your needs. If necessary, representatives are also here to help you learn the basics of budgeting and money management, often offering programs to help you gain control over your budget and cover unexpected expenses.
4. Better interest rates
When you open a savings account or a CD, one of your biggest concerns is the interest rate. You want your money to grow as much as possible.
Lucky for you, credit unions offer higher interest rates on savings accounts and lower interest rates on loans. You read that right — remember, we want what’s best for you! Since we’re not focused on making a profit, we only need to cover operating costs. All the money we save by focusing on what matters to you is passed down to the member via these favorable interest rates. This means you can save on any loans you may need and that the money in your savings accounts will be earning at a higher rate, just because you chose .
As you can see, we’ve got lots to celebrate!
Your Turn: What’s your favorite part of being a credit union member? Share it with us in the comments!
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