Do you know the difference between a credit union and a bank? Truth is, a lot of people don’t which can be detrimental to financial success. In fact, credit unions provided over $11 BILLION in direct financial benefits to their members last year. We dive deeper into those savings with the differences between the big guys and credit unions below.
Credit union members are shareholders: The profits a credit union makes are directly re-invested into their members. This means better rates, better service and chasing financial success faster. In a report from June 2018, credit union members earned 2.5 times more interest on savings accounts than banks.
NINETY-NINE PERCENT of Americans are eligible to become a member of a credit union: Credit unions are open to a wide range of memberships. Community based, employee groups, or church or school affiliations all allow groups of people to come together to achieve financial success. Because of the amount of affiliation groups, more people than you think are able to join and enjoy the benefits of a credit union.
Members NOT Customers: Credit unions work with you, get to know YOU not just your account number, and offer you honest, personalized advice to make your financial future brighter. In fact, 89% of credit union members favor their experiences with credit unions over banks.
Technology is everywhere: It’s a myth that credit unions lack the same techy products as banks. In fact, credit union’s mobile apps and online banking tools are created with you in mind making it easier than ever to access your money on the go.
Banking shouldn’t crush your wallet: Seems obvious, but if you’re tired of overdraft fees until your balance is in the negative, not so great rates on loans, and accounts with rates and minimums that are a joke, it’s time to open your eyes to a credit union.