Top Reasons to Choose a Credit Union

Looking for a banking alternative that puts your needs first? Consider joining a credit union.

Unlike traditional banks, credit unions are not-for-profit institutions owned by their members. This unique structure often results in lower fees, better rates, and a more personalized service.

In this article, we’ll explore the top reasons why you should consider opening a credit union account. Whether you’re tired of big banks or just curious about your options, this guide is for you.

What is a Credit Union?

A credit union is a member-owned financial cooperative. It’s a not-for-profit organization that exists to serve its members, not to make a profit.

Unlike banks, credit unions return surplus income to their members in the form of dividends. They provide many of the same financial services as banks but often at a lower cost.

In essence, a credit union is a community-focused alternative to traditional banking.

Member-Owned Structure

When you join a credit union, you become a part-owner. This means you have a say in how the credit union is run.

Members elect a volunteer board of directors to oversee the union. This democratic approach is a unique aspect of credit unions.

Lower Fees and Better Rates

Credit unions often have lower fees than traditional banks. This includes fees for ATM usage, overdrafts, and other services.

They also tend to offer better rates. You’ll likely find higher interest rates on savings accounts and CDs at a credit union.

Plus, loan rates for cars, homes, and personal loans are generally lower. This can save you a significant amount over time.

Personalized Customer Service

Credit unions are known for their personalized customer service. As a member, you’re not just a number, but a part-owner of the institution.

This often results in a more personal, attentive service. It’s a refreshing change from the impersonal nature of big banks.

Community Involvement and Support

Credit unions are deeply rooted in their communities. They often contribute to local charities and events. Here at NCU, we take an active role in the communities we serve, and have done so for years.

This community focus extends to their members too. They’re more likely to work with you during financial hardships.

Choosing a credit union means supporting your local community. It’s a win-win situation.

Competitive Loan Options

Credit unions often offer lower loan rates*. This applies to cars, homes, and personal loans.

The loan approval process is also more straightforward. It’s another reason to consider credit union accounts.

NCUA Insurance

Credit unions are insured by the National Credit Union Administration (NCUA). This covers up to $250,000 per depositor.

It’s a safety net that gives peace of mind to members.

Financial Education and Resources

Credit unions are committed to financial literacy. They provide educational resources to help members make informed decisions.

This focus on education can empower you to better manage your personal finances. It’s a benefit that goes beyond just banking. You can check out or valuable education station now! You may also sit down with one of our loan officers to talk about your situation and banking needs.

Nationwide ATM Access and Modern Banking Features

Many credit unions are part of an ATM network. This gives members free access to ATMs nationwide.

In addition, credit unions offer modern banking features. These include mobile banking, online banking, and bill pay.

These features provide convenience and ease of access, similar to traditional banks.

Your Financial Well-being Matters

Choosing a credit union can be a smart move for your financial well-being. They offer a unique blend of lower fees, better rates, and personalized service.

In addition, credit unions promote a sense of community and social responsibility. This makes them a great choice for ethical, local banking.

 

*Membership eligibility required. NCU is insured by NCUA. Loans subject to approval