Financial institutions, banks, credit unions...they are all the same, right??
Well, in some ways, yes.
But there are several ways that credit unions stand out. For one, did you know that credit unions are not-for-profit financial cooperatives? That means, credit unions are not out to make a profit from the members they serve. In fact, credit unions, unlike most other financial institutions, do not issue stock or pay dividends to outside stockholders. This translates to: (1) Earnings that are returned to members; (2) Higher interest rates on deposits; (3) Lower loan rates; and (4) Lower fees.
It gets better!
Credit unions understand that we are young and that we don't necessarily have a lot of money. They are extremely helpful in providing tools and resources to help us get a head start, financially. The Free4Me Account is only one example of how credit unions support people who are 18 to 25 years old. It's a fee-free account, with no minimum monthly balance, and two forgiveness passes per year if you overspend!
Credit unions cater to our needs!
With mobile banking, mobile check deposit, and online loan and credit card applications, credit unions are keeping up! They help their members do banking conveniently, both in the branch and out of the branch!
Hear it from them!
Lindsey got her first car loan from her credit union. "It was so easy...The loan officer explained everything, I felt confident walking out of there. He was close to my age, [so] it was less intimidating."
Caleb recently opened his account with a credit union. "It's really reliable and amazing, this is the place to go if you want the best place for your money."