Credit Unions Are Different!
From the outside, a credit union might look just like a bank. It's where you go to do things like:
Real story: Credit union gives a single father of three the financial help he needs.
Real StoryA single father of three had dug himself deep into debt when the economy changed and financing his home became difficult.
He was afraid he'd lose his family's home and not be able to afford to keep all four of them under one roof.
His credit union president met with him at a local restaurant in the evening (he couldn't get off work during the day) to draw up a financial plan. With the credit union's help, the member got back on his feet and eventually sent all three of his children to college.
Close- Open a checking account.
- Apply for a credit card.
- Use the ATM.
- Get a car loan.
But if you look closer, you'll see that a credit union is a special kind of financial institution. It's not like a bank.
What's the key factor that sets credit unions apart from banks?
You are an owner
I own my credit union!
When you join a credit union, you're also a part owner, not just a customer like in a bank. That's because credit unions are cooperatives.
Members elect fellow members to serve on the board of directors, which sets credit union policies.
Banks aren't cooperatives. They have to earn a profit for their owners, the stockholders.
The Stockholders Want Profit
Unlike credit unions, in banks the biggest stockholders carry the most clout in the bank's business decisions. In large bank conglomerates, many stockholders and the directors they elect don't even live in the same city where the bank is located.
Bank decision-makers cater to what's best for the stockholders. But in credit unions, the key question is What's best for the credit union and its member/owners?
CloseYou're a Part OwnerThis has been true since the early days of credit unions in Germany 150 years ago.
Back then, struggling farmers pooled their meager funds so they could lend money to each other. It was either that or continue to pay the outrageous interest rates demanded by greedy loan sharks.
CloseSince credit unions are not-for-profit businesses, and their board members are almost entirely unpaid volunteers, they have a lower cost of doing business. They are also exempt from certain types of taxes.
You benefit in many ways:
Looking for an AlternativeOne woman and her husband recently pulled $5,000 from their bank and moved it to a credit union.
They were annoyed after the bank charged the woman 75 cents because she didn't have a deposit slip with her when she made a deposit. She told The Plain Dealer, a Cleveland, Ohio newspaper, that this was "the last straw" in bank fees.
Across the country, others are doing the same thing. As banks boost existing and add new fees for services—such as a Chicago bank that charges $3 for a deposit or withdrawal handled by a human teller—customer satisfaction plummets.
Consumers are looking for an alternative. And they're finding credit unions to be a great choice.
Close- Higher dividends. Your credit union passes the savings on to y
Credit unions rate highest in consumer satisfaction.
ou by paying you a higher dividend on checking and savings accounts. Even a small savings account will earn dividends at a credit union. Credit unions also charge you a lower interest rate on loans. Lower fees. Banks charge whatever fees they think the market will bear, so they can make as much profit as they can. Many people are looking for an alternative. Credit unions have no or low ATM fees, lower service charges on checking accounts, and lower fees for overdrawn checks.
- Extra attention. Credit unions watch out for their members and often share ideas on how to manage money. It's people helping people.
Credit Unions Watch Out
A credit union teller was counting up a bag of coins a member brought in to deposit into her account. The teller noticed that several of the coins were older and called the member to alert her that many could be worth more than face value.
The member came back for the coins and sold them to a coin shop, netting an additional $55 on the coins.Close They'll even come to your school
Many credit union employees visit schools and teach students how to budget and save money.
In addition, credit union branches are located inside about 700 schools across the US. All of them are student-run to some degree. Check out this one online!
You can save money at your credit union. It's the best place for your money to grow, and you may even be able to help manage a credit union inside your school!
True or False: Andrew Jackson was deathly afraid traveling and never rode on a train.
Click Andrew's head for the answer.
FALSE: Jackson was the first president to ride on a train!
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Community Resource Credit Union
At CRCU, our vision is to enhance the quality of life for our members, employees, and community.