Reasons Americans Choose a Credit Union Over a Bank for Financial Services
As Banks Struggle with Declining Reputations and Consumer Mistrust, More People are Selecting Credit Unions as Their Primary Financial Institution
There's an army of 8,000 credit unions representing 90 million members in the United States alone, ready to offer a convenient, secure alternative.
Credit unions combine with the neighborhood friendliness and access that is so hard to find elsewhere. One of the earliest credit union slogans was "not for profit, not for charity, but for service," and that philosophy holds true today.
To help choose a primary financial institution (PFI), financial advisors often recommend making a list of what's most important to you. Here are some key benefits of credit union membership.
Credit unions are operated by the people in your community; serving the local community and being involved in community.
Credit union resources are returned to their member-owners in the form of lower fees and better rates.
Credit unions provide what people want most in financial services.
Credit unions' interest rates on credit cards and loans are lower compared to big bank rates. And, free checking is alive and well at many credit unions. Deposits are insured by the National Credit Union Share Insurance Fund.
For more than 20 years, customer satisfaction with credit unions has consistently rated higher than for big banks. In fact, these surveys find credit unions to be the most trusted segment of the financial services industry.