A little gem of a news story popped up on my feed the other day featuring several reasons why credit unions have an edge over other financial institutions. I thought this would be the perfect opportunity to point out why I love credit unions so much.
You’re an Owner
When you join a credit union, you become a member owner. We don’t like the word customer in the credit union world. We’re all working together for the benefit of the group. This is one of the biggest differences between CUs and banks.
Credit Unions are Everywhere, Man
I’m always hearing that people choose big banks despite the many downfalls (high fees, tricky terms, bogus charges) because of multiple locations. I’m always excited to explain that many credit unions are part of the Shared Branching Network. Credit unions are virtually everywhere, with over 6,800 shared branching locations all over the United States!
If your credit union is part of this nationwide network you can walk into a CU service center and handle transactions just as you would at your home location. Are you a member at a northern Maine CU but need to deposit money while on vacation in the Midwest? Just find a CU Service Center and visit the branch with a photo ID and your member number. How’s that for convenience?
Not-for-Profit means Lower Rates
Because credit unions are not-for-profit, the profits go back into the credit union, which gives members better interest rates. These lower rates will save you cash when you need to borrow money to buy a car or house. Maybe you don’t need to take out any loans at the moment, but it’s great to start a relationship with a credit union now to prepare for the future.
There’s a Credit Union for You
Credit unions are all over the state and there is definitely a credit union for you. It’s a myth that you have to meet lofty requirements to join. Sure, some credit unions are specifically for employees of certain companies, but many are for anyone who lives, works, worships or goes to school in a geographical area. Family members of those who live or work in a certain area are also eligible. Find all the credit unions in your area by using the Credit Union Search. Those with the free4ME logo offer an account tailored to 18 to 25 year olds. Don’t see the logo but are interested in all the perks that the free4ME account has to offer? Tell your credit union!
Every CU is Unique
Being the spokester, I have visited many different credit unions all over the state. Each has it's own unique theme and vibe. Different credit unions offer a range services and technology. Each credit union has it's own identity, so you can find a credit union that suits you. Credit unions are far from cookie-cutter, and that's what makes them awesome.
Why do you love credit unions? What makes your credit union awesome? Leave a comment and let me know or send me a Tweet or Facebook message. You and your credit union could be featured in an upcoming Young & Free Maine video.
Spread the CU Love!