Not all financial institutions are created equal. Like banks, credit unions provide a wide variety of products and services, including savings and checking accounts, online banking, loans, credit, and more.
However, unlike banks, credit unions are member-owned. And members have a lot more privileges than just a customer. As not-for-profit financial cooperatives, credit unions are democratic organizations that allow members to elect their own leadership and have a say in determining rates, fees, and policies. And as a member, you’re treated like you own the place -- because you actually do.
What are the advantages of credit union membership?
Reason #45: People over profit. As not-for-profit organizations, credit unions exist to serve their members, not to answer to stockholders.
Reason #3: Member outranks customer. Credit union members get to act like they own the place, because they do. Members receive the highest level of personal service.
What benefits and services do credit unions provide members?
Reason #25: Lending a helping hand. Credit unions provide lower fees because their highest priority is to help members successfully manage their finances. From the beginning, credit unions have served working Americans, those who need and desire the exceptional attention to detail that credit unions provide their members.
Reason #2: Affordable loans. Not only are the rates better, the loan process is simple, fast and efficient. Credit unions have representatives who make members’ purchasing experiences virtually effortless.
Reason #7: No corporate office in another time zone. Credit unions manage their members’ money locally and efficiently. Credit union boards of directors are comprised of volunteers from the community, which means credit unions always have a finger on the pulse of their communities.
Reason # 9: Profit is good, but not at your expense. Their co-operative, “member as owner” structure allows credit unions to reinvest in their members with lower interest rates, lower fees and savings dividends. Members have access to the same wide range of financial services available at banks and other financial institutions. Members also have access to shared branching and ATM networks so that they can conduct transactions at hundreds of credit union locations and thousands of ATMs without being charged an additional service fee.
How are credit unions committed to their communities?
Reason #76: Part of your community. Credit unions are as local as you can get. They donate time and resources to local charities and provide scholarships to encourage higher education of members. Credit unions provide affordable payday lending products as an alternative to predatory lenders, and offer free financial education seminars to help members learn how to manage their finances. Credit unions teach financial literacy skills to the next generation of members in local schools, and provide financial services to underserved populations and small business owners who want to contribute to their local economy.
Reason # 21: Having a say = good. Credit union members are encouraged and empowered to use their vote and their voice. Credit unions listen to members’ needs, and, when necessary, lobby for changes in state and federal governments to ensure that the Credit Union Movement remains a healthy and viable choice.
What makes credit unions unique?
Reason #17: Employees who actually enjoy their jobs. Going the extra lengths to please members creates happier members. Happier members mean happier employees.
Reason #13: Our stock is in you. Credit union members are more than a number. Credit unions invest in technology, entertainment and concierge-like services to make branch wait time more pleasant. They provide a variety of savings accounts at different rates so that members can better protect their earnings. Credit union representatives make it fast and simple to join a credit union, and once a member has enrolled, credit unions do everything they can to serve their members above and beyond their expectations.
