5 Reasons You Should Join a Credit Union
Wondering whether it’s worth it to join a credit union? The short answer is that most people can benefit in some way or another by joining a credit union, whether or not you also have accounts at a big bank, an online bank or another community bank.
But first, you might be wondering just what a credit union is and how it differs from a traditional bank. According to The Credit Union National Association (CUNA), credit unions are member-owned, not-for-profit, cooperative banking institutions managed by a volunteer board of directors (not an outside board of shareholders). What all credit unions have in common is their philosophy of people helping people. When a credit union board sets interest rates and fees and makes decisions about services, their goal is always to benefit the owner-members and not outside shareholders like investor-owned, for-profit banks. Credit unions are governed by the Federal Credit Union Act and granted a credit union tax exemption to encourage the development of this type of banking institution as an alternative to the for-profit banking system.
Here’s how a credit union can benefit you, especially if you are looking to build your credit.
- You May Have More Say
Unlike typical bank customers, the members of a credit union are owners and, as such, can have some influence on the running of the operation. That’s especially true with smaller and more local credit unions. Members vote each year to select a volunteer board of directors to oversee the credit union’s day-to-day management.
- You Could Get Better Rates
In part because of their typically lower overhead, credit unions are often able to have lower interest rates on loans and provide higher interest rates on deposits. Some credit unions also offer credit cards at favorable rates compared with the rest of the market.
- You Don’t Have to Compromise on Convenience
A common misconception regarding credit unions is that they are not able to offer the same modern convenient services as banks. However, most credit unions offer online banking, mobile apps, and even access to a network of ATMs. Our online and mobile banking offers a full line of free online services, including favorite features such as bill pay and mobile check deposit. Like many credit unions, we belong to a nationwide ATM network which includes over 55,000 surcharge-free ATMs, so you’re able to access your money wherever you may happen to be.
- Your Credit May Improve
If you’re looking to build your credit, you’ll find that credit unions are ready to help. You may find it easier to be approved for a credit card or an auto loan and our staff will personally work with you to help you build your credit and achieve your financial goals.
- You’ll Help Your Community
Most credit unions, along with their not-for-profit status, support community education, business initiatives, charity programs, scholarships and so much more. If you prefer a financial institution that is committed to serving your community, you will find that a credit union is a good fit for you.
As a member-owned, not-for-profit financial cooperative, Robins Financial is committed to our members. Our fundamental responsibility is to actively serve people within our field of membership and the communities in which they live. All members will be treated with respect and dignity and we will offer fair and honest service at all times. The value of membership will continually be demonstrated in all facets of operations at Robins Financial Credit Union.