Many people are unaware of why banking with a credit union is a great option. Where you keep your money is just as important as what you spend it on. There are quite a few differences between a credit union and a bank, some of which are surprisingly beneficial. Our goal is to give you all of the tools and information you need to make the best decision for you. Here are 4 benefits of banking with a credit union.
You are a Stakeholder at a Credit Union
Basically, this means that you are the person the credit union is trying to please through and through. This often means better customer service, lower fees and typically a more open communication between members and credit union associates. The reason things like overdraft fees and service fees can be lower than those at a bank is because a bank is a for-profit entity that makes a lot of its income from these fees.
Low Rates
As a credit union, offering lower interest rates and higher earning rates on savings and certificate accounts is almost guaranteed to those at for-profit banks. This is an enormous benefit because you may be able to repay loans at a pace that is more workable for your particular financial situation.
Gain a sense of Community
Credit Unions tend to be very involved in the community because they are typically locally-based. Being a pillar of a local community allows connections to be created between credit union and members outside of the financial aspects. This also means events! Here at Camino, we have an annual member appreciation event every year to celebrate our amazing members. Members support the longevity of a credit union, so giving back with many benefits and appreciation events is common.
For more information on becoming a credit union member, come see us!