6 Reasons You Should Join a Credit Union
September 12, 2019
Credit unions offer many of the same services as a banks, but they do so on a different business model. Are they something you should look into if you aren’t already a credit member? We think so! There are countless reasons you should join a credit union!
We’ve outlined 6 specific benefits of being a credit union member:
Credit unions are not-for-profit organizations. They answer to their member-owners and don’t have outside stockholders.
Anyone can join one! Some tend to be under the impression they might not qualify for membership, however, that is highly unlikely. There are eligibility requirements to join, but they are not usually strict. To qualify for membership, you simply have to live, work, go to school or worship in an area the credit union serves. We can almost bet there is at least one credit union near you that you are eligible to join!
Each member gets a vote and all votes carry equal weight! No matter how much money you have in your credit union account you get a fair say in the direction of the credit union.
Financial literacy is an important part of the credit union movement! Most credit unions offer money management programs suited for all different age groups.
Credit unions are community-driven! They are often heavily involved in community events making sure to show support other nonprofit organizations that help the communities they serve. It is very common for credit unions to provide various grants, scholarships and donations to those in their membership community!
Members receive better rates and lower fees! Credit union’s not-for-profit status lets them distribute their profits to members in the form of great rates and lower fees. Credit unions provide higher average return rates thank traditional banks on a national level!
Don’t join just any credit union, join us at Greater Iowa! We have great rates on our CD specials, high-yield checking accounts, auto loans, mortgage loans and home equity loans and lines of credit…you name it, we can help!
- community giving
- financial education
- financial literacy