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Credit unions are a great alternative to traditional financial institutions. You might be wondering: If credit unions are so great, why aren’t more people Members? Most people don’t realize how credit unions are different from banks. Here are four practical reasons everyone should join a credit union.
People, Not Profits Banks like to make a profit, which is why they charge fees for using their products and penalties for violating their “rules.” Instead of being hit with fees and penalties, consider joining a credit union. Because credit unions are Member-owned nonprofit organizations, they are not focused on making money via fees and penalties. Instead, they make business decisions based on their Members’ needs and satisfaction.
Visit UFCU.org, give us a call, or visit your local financial center anytime to chat with a Personal Financial Representative or learn more.
Ownership Credit unions are literally owned by their Members. And every Member or shareholder has an equal say, regardless of how long they’ve been a Member or how much money is in their account. Plus, credit unions are governed by a volunteer board of directors, elected by the membership. So Members can be very confident that decisions are made based on Member needs.
Social Purpose Because the primary purpose of a credit union is Member service, they are usually very involved in actively helping their communities. Credit unions are a great choice for the philanthropic minded. If you want to give back to your community, becoming a Member of a credit union is a great place to start.
It’s Easy to Become a Member It’s surprisingly easy to become a Member of a credit union. One of the most common requirements for many credit unions is simply that their Members “live, work, or worship” in the community wherein the credit union is located. Other credit unions grant membership based on employment or organization affiliations like churches or social groups.
Once you’re accepted, you just have to make a small membership deposit to get a “share” of the credit union. And most of these deposits are as affordable as only $5 or $10. It’s a very small price to pay for the many benefits that come with credit union membership.