Credit unions have been around a long time, but what makes them different from regular banks? Well, as it turns out, there are quite a few differences. Credit unions are unique and they offer many benefits that banks simply can’t due to the nature of their business model. Here are the top 5 reasons to choose a credit union over a bank:
- Credit unions are owned by the members, not stockholders. If you are a member of a credit union like WCU, then you are part owner of the credit union! The whole reason for the credit union to be in existence is to assist the financial well-being of the members that own it. That’s it!
- Credit unions return their profits to their members in the form of lower rates and fees and new products and services. Since they are not-for-profit entities, everything they make goes back to you–the member-owner.
- Credit unions almost always have lower interest rates on credit cards and loans than traditional banks. Right now at WCU, you can get an auto loan for as low as 2.00% interest. Awesome rates like that can be done through credit unions because the profits are funneled down to the members instead of stockholders pockets.
- Overall, credit unions rate higher on the customer satisfaction scale than traditional banks. This is because the operators of credit unions are members of the community in which they serve. Since they are dedicated to serving the best to the financial needs of the community, they are more apt to treat each member with the quality of service they wish to receive themselves. You are being served by your neighbors, so the atmosphere seems more like a big family.
- Since your credit union is owned by the members and operated by fellow community members, credit unions are dedicated to serving their community. Credit unions are often involved in many local community events, because that is where their heart lies. Without the community, credit unions would cease to exist. That’s why they make serving the community through local events and charities a priority.
As you can see, credit unions aren’t in the business to make as much money as possible. They are in the business of serving the community and helping their members find success in managing their financial business. At WCU, we treat our members and community like a family, and we would love to have you join us!