Credit unions are not like banks because its owners are its members. So any profit that the union makes is given back to its members in terms of lower fees and higher savings rates, see page for more.
With the use of your savings and checking accounts as a member of the credit union you can help members get mortgages so that they can buy a home of their own or start their own personal business.
Credit unions help people come together in order for their communities and their members to see more financial stability.
The institution of credit unions does not end in making a profit. The member-owners are there to receive better services from the credit union. If you become a member of a credit union, then you benefit in many ways. Click on this link for more info: www.ibmsecu.org.
You can gain financial success joining a credit union through personalized services. All of us have individual financial needs and a credit union can help you with this since it is not a profit institution. There are credit unions that also provide training and counseling so that members will be able to understand financial matters that are complex in nature.
Credit unions give profits back to their members in the form of higher rates on their products like savings accounts, etc.
Credit unions charge lower fees. If you use their typical banking products, credit unions will charge lower fees for them.
There are lower interest rates on loans from a credit union than from a bank.
Most credit union members have the same interest, live in the same community, work together, or are members together in a common organization. These are membership requirements of credit unions. Members of a credit union will enjoy being part of a financial institution who focus of n their needs.
CREdit Union members get to vote when important credit union decisions have to be made including the selection of board members for the union. In a credit union, members become its co-owners. Members have a say in how the credit union is run. Every member is benefitted by the decisions they make for the union.
Although small, credit unions also offer many services. There are financial education and counseling, and they also offer consumer loans, shared branches with other credit unions, electronic banking, ATMs, home equity loans, member business loans, credit cards, mortgage loans, overdraft protection and a lot more. Even though their products and services are not as many as other financial institutions, it covers a lot of your banking needs.
It is good to be a part of a credit union because it secures your financial future and you can avail of the many products and services that they offer. If you join a credit union today, you can receive all the benefits that it offers. For more reasons to join a credit union visit: https://www.huffpost.com/entry/want-to-save-more-money-join-a-credit-union_n_5692043.