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POSTED: Nov 06, 2014
MCU and You:The Benefits of Joining a Credit Union

There’s a lot to love about banking with a credit union! Check out the benefits below:

1. You’re more than just a customer. First and foremost, the biggest advantage of joining a credit union is that you become a member-owner of the institution. What does that mean exactly? Most importantly, it means that you benefit from the credit union’s not-for-profit structure, which passes along its earnings directly to members, opposed to investors, and makes business decisions that will best serve the membership.

2. Credit unions offer better rates and lower fees. Banks have a bad reputation for nickel and diming customers. On the flip side, credit unions are not focused on driving profits, but on reinvesting our earnings to serve our members (who are our shareholders) through better rates and lower fees.

For example, credit unions offer higher savings rates and lower interest rates on loans. In addition to lower loan rates, members may additionally qualify for further discounts for simply setting up automatic payments.

Similarly, fewer and lower fees at credit unions make it easier for members to save and manage their money. Credit unions will also often help members avoid types of fees including service fees or loan origination fees. Be sure to carefully read the policies and guidelines for the other fees that you may end up paying.

3. Credit unions are committed to giving back. The Credit Union Movement was founded on the philosophy of “People Helping People”. Credit unions across the country are dedicated to financial services to underserved populations, engaging youth; financial education and returning profits to their members.

All credit unions have a field of membership – this is a common link that all members of a credit union share, which can be based on employment; geographic location; family or membership to a group. Because of this, credit unions take a keen interest and have a strong commitment to the issues that matter most to their members. Goodwill initiatives are often local and work directly with the needs of these communities.

4. Members often have access to free financial education. If you’re interested in a financial institution that will not just help you service your accounts but also work with you to make positive financial choices, a credit union is an excellent option. Credit unions across the country conduct financial literacy and counseling initiatives that empower their members to make smarter financial decisions.

For example, MCU’s Financially Fit Seminar Series helps to educate bother members and community members on finances by offering a series of classes dedicated to important topics including understanding credit, the importance of budgeting and identity theft and prevention. To learn more about Financially Fit, contact a member of our team at FinancialFit@nymcu.org.

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