Did you know that there are 100 million Americans that are credit union members? Almost half of those people are economically active adults. So why are more and more people choosing to trust their money to credit unions over banks?
1. Credit unions are focused on their members. Credit unions are the only financial institutions rooted in people-first principles. These principles are:
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Democratic control
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Open membership
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Nondiscrimination
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Service to members
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Distribution to members
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Building financial stability
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Co-op cooperation
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Social responsibility
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Ongoing education
Unlike banks, credit unions do not have shareholders that they need to earn a profit for. At a credit union, YOU are the owner. That means you get paid back in the benefits through lower interest rates, higher deposit rates, lower closing costs, and lower overdraft fees.
2. Credit unions work together, rather than competing against one another. As a member of a credit union you have access to other credit union’s ATMs without being charged a foreign ATM surcharge. There are over 5,000 ATMs in the Alliance One network, making it easy to access your checking account when traveling from place to place. If you are going on a trip, check out www.allianceone.coop to use their ATM locator or download the ATM Locator Mobile App. Not only do you have access to ATMs, but you can also go to 796 other credit unions that participate in shared branching and they have the ability to access your account information.
3. 80% of credit unions offer free checking, compared to less than 50% of banks. Your personal checking account is most likely the one you will use the most as it makes your money easily accessible. However, 76% of large banks, 72% of medium banks, and 59% of small banks charge maintenance fees on your account that range from $11-15 per month. The 20% of credit unions that do charge, have 5-20% lower fees than those charged by most banks.
Ultimately, choosing a credit union boils down to you saving extra money and time, while receiving the best customer service. Whether you’re looking to start planning for the future or need assistance with getting a loan, America’s credit unions can help make your dreams into a reality.