Credit Unions Offer: Same Products & Services as Traditional Banks
Have you ever thought about switching from a traditional bank to a credit union, such as Robins Financial? If so, you may have wondered whether a credit union has the products and services necessary to meet your financial needs. The answer is yes! Like banks, credit unions offer a wide range of financial products and services to help you meet your goals, whatever they may be.
Here are some of the most common offerings available to credit union members to help turn your dreams into a reality:
- Checking Accounts. Whether you’re a checking account newbie or veteran, have a few hundred dollars or a few thousand, credit unions have a variety of different account types to meet your specific needs.
- Savings products. Ready to put your money to work for you? Whether you’re saving for something special or looking for a place to keep your money safe for a rainy day, you’ll have access to a variety of savings options, including traditional savings accounts, certificates "CDs" and money market accounts.
- Insurance. Protect yourself and your family from the unexpected with a wide range of insurance products designed to protect your property, cars, business and more.
- Loan products. When you need to borrow money, banks are one of the first places many people think to look for a loan. But credit unions also offer mortgages, home equity loans, auto loans and personal loans at competitive rates.
- Credit cards. Whether you’re looking for a new card to use for your everyday purchases or you want to have a little back-up in your wallet for emergencies, your credit union has a card to fit your lifestyle.
- Digital Banking. Worried your dreams will take you away from your local credit union’s branch network? Have no fear. Credit unions offer Digital Banking services like traditional banks do, so you can manage your money no matter where your dreams take you.
- Peace of Mind. The National Credit Union Administration (NCUA) insures deposits of up to at least $250,000 per depositor in all federally insured and most state-chartered credit unions, so you know your money is safe.
While credit unions offer a full suite of financial products and services like their traditional bank counterparts, there are a few things credit unions offer that banks don’t:
- Members are owners. When you become a credit union member, you become one of the owners of the organization, and you get a say in how the credit union is run.
- Credit unions are non-profits. Unlike traditional banks, which are for-profit entities, credit unions are non-profit organizations. The profits earned by credit unions don’t benefit stockholders. They benefit credit union members in the form of higher interest rates on savings and lower interest rates on loans.