While banks are reporting record profits and charging their customers higher fees people are looking for ways to save money. Your local credit union may be the right answer for you.
What is a Credit Union?
A credit union is a member owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.
Credit Unions may also be known by various other names such as 'people's banks', 'cooperative banks' and 'credit associations'.
History of Credit Unions
The idea of Credit Unions first came to fruition in Germany in the 1850s and 1860's under the leadership of cooperative pioneer Hermann Schulze-Delitzschand and were common throughout Europe by the 1900s.
The first credit union in North America, the Caisse populaire de Lévis in Quebec, Canada, began operations on Jan. 23, 1901
Credit Unions versus BanksCredit unions offer the same financial products as banks but are run on a non-profit basis and therefore cheaper, whereas banks are for-profit businesses. Generally, credit unions offer higher interest rates on deposits and lower rates on loans and lower fees. You may experience better customer service from Credit Unions versus the regular banks.
Bank on something better. Choose a Credit Union
Types of Credit Unions
- Corporation Credit Union
- Educational Credit Union
- Military Credit Union
- Community Credit Union
- Church Credit Union
Advantages of Credit Unions
- Higher interest rates
- Lower loan and credit card rates
- Lower fees
- Customer focused Banking
- More flexibility
- Fewer Complications
Disadvantages of Credit Unions
- Fewer options
- Inconvenience, less locations
- Poor Online Services
Some choices matter.
Your deposits at a federally insured Credit Union are just as safe as bank accounts.
NCUSIF - The National Credit Union Insurance Fund was created by United States Congress in 1970 to provide deposit insurance to its members in federally insured credit unions.