If
your family is like most, saving money is always a priority.
That is why making the best use of your financial resources
is so important. One way to get the best value is to use a
credit union. What's so different about a credit union?
How
about a little history lesson? The first credit union was
formed to provide credit to farmers to purchase livestock,
equipment and for other farming needs. The idea was to create
a not-for-profit financial cooperative where members loaned
their money to each other. This idea gained interest and by
the 1920's credit unions became increasingly popular as a
place for savings accounts and loans.
Low-Cost
Loans, Low/No Fees, Personal Service
Today's
credit unions have expanded their services to meet their members'
more sophisticated financial needs. However, the cooperative
spirit remains the same. Credit unions exist to serve their
members, not to profit from them. Once reserves are met and
expenses are paid, credit unions return "profits" to their
members in the form of personalized service, low-cost loan
rates, and services with low/no fees. A recent article by
MONEY Magazine1 compared banks and credit unions and stated,
"You'll find credit unions with networks of free ATMs and
terrific credit-card deals as well as rates on loans and savings
products that the megabanks can't match."
For
you and your family this means you save. Why pay more for
a credit card or an auto loan? As a credit union member, you
don't have to.
You
Rule!
So,
now you know that credit unions provide very competitive rates.
But, there's more. At a credit union, you are part of a cooperative.
Because all credit unions are democratically governed, each
member has a voice in the operation of the credit union. Each
member has one vote, so no matter how much money you have
on deposit, no one has more power than you. You are able to
elect the volunteer Board of Directors who vote on credit
union issues. In this way, the Board of Directors answers
to the entire membership, not just a small group of stockholders.
Personalized
Service:
Since
profits are not the main priority, the credit union works
for each member's financial well-being. Programs are provided
to meet your needs. A recent study by Informa Research Services
as published in Money Magazine, found that a higher percentage
of credit union members liked their institutions than did
bank customers1. At a credit union, you will receive quality
financial service and personal attention from people you know!
Safety
The
federal fund that insures credit union deposits, the National
Credit Union Share Insurance Fund, continues to be the strongest
deposit insurance fund in the nation. Your money is safe at
your credit union.
