Credit unions are not like other financial institutions and the 10 facts in this post will prove that. These institutions go beyond running savings accounts to provide mortgages, car loans, credit cards, and insurance. They do not have shareholders like banks do, which means they don’t need to charge expensive service charges. One such institution is Here is the Empower Federal Credit Union Syracuse contact information if you are ready to get started.
1. Credit Unions Return their Earnings to their Members
Credit unions are non-profits. When they make money, it goes back to their members because they’re not built to make a huge profit like most banks. This means credit unions can offer their members lower interest rates and fees.
In addition, they’re able to provide other services that banks rarely offer, like scholarships and low-cost loans. So, if you’re looking for ways to save money, a credit union is the perfect place to start!
2. Members Elect The Board of Directors
Because credit unions are owned by their members, they must answer to them. Every few years, there is an annual election for the board of directors, and the public can choose who will lead the organization.
This way, all decisions made by a credit union have to be approved through democratic measures to ensure everyone’s interests are met!
3. Most Deposits are Insured Through the NCUA
Another reason to consider credit unions is because they are insured through the National Credit Union Administration. This means every depositor in a federal credit union has up to $250,000 of coverage for each account type. That’s far more than most banks offer, so you can rest easier knowing your money is safe with them!
4. Credit Unions May Share Branches
Many credit unions are part of a larger network that allows them to offer more services. So, if you’re looking for a place around Syracuse where you can deposit money, apply for loans or take out insurance, this might be the option for you!
These networks also allow members to share resources, such as ATMs and CDARS. That allows the credit unions to save even more money!
5. Credit Unions Give You Access to Various Financial Services
Credit unions can give you access to a variety of financial products that banks may not offer. One example is giving members access to low-cost loans and mortgages. Others include insurance, car financing or even home equity lines of credit.
These services are available at competitive rates, so it’s worth exploring what they have to offer.
6. Credit Unions are Part of Shared Branch Networks
Another benefit of credit unions is that they can be part of a shared branch network. This means you may have access to more banking facilities than just the one where you do your banking. For example, if there’s another credit union’s ATM near where you live or work, you can use it to take money out of your account safely.
7. Credit Unions Actively Serve the Underserved
Credit unions aren’t just for those who meet their qualifications. They go out of their way to serve individuals and communities that banks may not want to do business with. This means they’re more accessible than most financial institutions on the market today. Even if you don’t live in a large city, credit unions can still give your money stability without all the fees.
8. Being a Credit Union Member Gives You a Sense of Community
At a credit union, you aren’t just another number. Members feel like they belong to something bigger than themselves and this gives them a sense of community that everyone deserves.
This is one reason many people prefer the service offered by these financial institutions over traditional banks, where everything feels impersonal. So take advantage of your options and find the right credit union today.
9. Credit Unions are Focused on the Member, not Profits
Since credit unions are not-for-profit organizations, their focus is on the members and not profit. This means they can offer more products and services at lower costs than banks because their number one priority isn’t shareholder dividends.
This also allows them to be more attentive to the needs of their members and make sure they are getting what they need without all the extra fees.
10. Credit Unions are Growing in Popularity
There’s a reason credit unions have been around for over 100 years. They’re stable, responsible, and trustworthy. This is why more people are choosing them as their financial institution of choice.
Whether you choose to bank locally or bring your business online with an internet-only option, credit unions can give you a more personal experience while still having access to all the tools and financial products that banks have.