GRAND RAPIDS, Mich (WOTV) – It’s important to be mindful of your money. Here are a few reasons to entrust your money to a credit union.
You are an Owner
Credit Unions are not-for-profit organizations offering a wide array of financial services and they are owned by their membership. If you have an account with a credit union, you are a member and an owner. As a member/owner, you are guaranteed that your credit union is looking out for your financial interests and not that of a small group of stockholders.
Better Return on Your Money
Credit unions have the ultimate goal of providing their members better rates on loans, savings and other financial products. When a credit union makes a profit, it is used to provide better opportunities to their members and the communities they serve. Credit unions traditionally pass on the savings from their not-for-profit status through their entire product line, offering customers higher rates on savings accounts and lower rates on loans and credit cards.
Get the Same Services at Lower Cost
Credit unions offer the same array of services, from free online bill pay, free checking, and mortgages to debit cards, credit cards, mobile access and more. In addition, most credit unions provide national ATM access through a cooperative network for more convenience. Average fees at credit unions are substantially lower than other FIs according to national data. Studies show that credit unions also offer, on average, better interest rates on savings and better terms on credit cards and other loans.
Keep Decision-Making Local
At credit unions, like Option 1, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with their members, and understand local needs. Because of this personal knowledge, local credit unions are often able to approve small business and other personal loans that would be rejected elsewhere. In the case of credit unions, control ultimately rests with the customers, who are also member/owners.
Put Your Money to Work Growing Your Local Economy
The primary activity of almost all credit unions is to turn deposits into loans and other productive investments for the benefit of their member/owners. In addition, small businesses, which create the majority of new jobs, depend heavily on small, local FIs for financing. Although small and mid-sized FIs control less than one-quarter of all bank assets, they account for more than half of all small business lending.
Check out and join a credit union today!