Put a Little Extra Money in Your Pocket in 2019
If you’re like most people, you’ve heard of credit unions, but you’re not sure who can join them or what makes them different from banks.
Simply put, the difference is in our business models. Banks answer to shareholders which means they are profit-driven organizations. Everything they do, every product and service they sell – must generate a profit to keep shareholders happy.
Credit unions answer to their members, who are part owners of their credit union. We are also set up as not-for-profit organizations which means we can put our MEMBERS’ best interest first. We pass this philosophy to our members in the form of lower fees, lower interest rates on loans and higher interest rates on deposit accounts. Accidentally bounce a check at a bank and you’ll pay upwards of $36 for the fee. Having the same accidental bounced check at a credit union will only cost $28 to $30. This is just one example – but this holds true across the board.
Credit unions also beat banks in customer service ratings according to the American Customer Service Index. It’s difficult to compete with being treated like a Member versus being treated like just another customer. Survey Members walking out of their credit union and you’ll hear words like “We love our credit union!” But you don’t typically think of the word “love” when thinking about a bank. There’s an atmosphere of family and genuine concern for your wellbeing when you’re at your credit union.
At one time, banks were known for being more readily accessible. They had more locations, more ATMs and better online banking and mobile applications. But that’s not the case anymore per BusinessInsider.com. Credit unions have really stepped up their game in the last 5 to 7 years and now offer all of this, plus online loan applications and many other services that were once a big bank offering only. You now get big bank style products combined with outstanding service at credit unions.
So, for the most part, credit unions are really hard to beat. It’s certainly worth opening a checking or savings account, or getting your next loan from State Credit Union, based on their fee structure alone. You’ll pay fewer fees, enjoy lower interest rates on loans and get more personalized services out of the deal as well.
Keep all this in mind and call, click or visit State Credit Union today! 800.868.8740 | scscu.com | 20 state-wide locations