When it comes to financial institutions, there are a lot of options out there. But if you’re looking for somewhere that puts its members first, you can’t go wrong with a credit union. Credit unions are not-for-profit organizations that exist to serve their members, rather than to make a profit for shareholders. Here are five reasons why you should consider joining a credit union the next time you’re in the market for a new financial institution.
1. You’re more than just a customer–you’re a member.
As a credit union member, you have a say in how the credit union is run. You’ll be able to vote in board elections and have a say in important decisions about the direction of the credit union.
2. Lower fees and higher interest rates.
Because credit unions are not-for-profit organizations, they often offer lower fees for services like checking and savings accounts, loans, and even mortgage rates. And since credit unions are member-owned, any excess earnings are returned to members in the form of higher interest rates on deposits and lower rates on loans.
3. Personalized service.
Credit unions are typically much smaller than big banks, which means that you’ll be able to get to know your tellers and loan officers on a first-name basis. They’ll get to know your financial history and goals and will be better able to provide personalized service and advice.
4. A focus on giving back.
Because credit unions exist to serve their members, they often give back to the communities they serve through programs like financial literacy initiatives, college scholarships, and support for small businesses.
5. Security and peace of mind.
All credit unions are insured by the National Credit Union Administration (NCUA), so your deposits will always be safe, no matter how large or small they may be. And in the event that your identity is stolen or your card is lost or stolen while you’re traveling, you can rest assured knowing that you have 24/7 assistance available through your credit union’s fraud protection program.
Conclusion:
There are plenty of reasons to consider joining a credit union instead of going with one of the big banks. From lower fees and higher interest rates to personalized service and a focus on giving back, credit unions offer plenty of advantages over their for-profit counterparts. So if you’re looking for a new financial institution, be sure to give your local credit union a look!
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