Q: “Why use a credit union instead of a bank?”
A: “Financial institutions are not created equal.” Many people do not realize that credit union membership typically offers many benefits over banks. Credit unions offer many of the same financial services as banks, but with lower fees and interest rates on loans. In many cases, credit unions can offer more competitive loans when compared to the same loans from larger banks. Similarly, credit unions often offer higher rates on savings accounts. We highly recommend contacting ECU when shopping for a new loan, mortgage, savings account or other financial services and accounts.
Top Reasons To Use A Credit Union Instead of a Bank
- Better savings account rates
- Better interest rates on loans
- Member and community oriented services
- Better CD and IRA rates
- Credit unions offer most products and services as much larger banks
- Vote for board members with equal voting rights and power no matter how much money you have invested
Credit unions also tend to focus more on financial literacy including programs that promote responsible money management for all age groups.
Credit unions are often able to offer better rates because they are not for-profit financial institutions, but are member-owned. If you become a member of a credit union, you become part of a membership body that can actively participate in things like the ability to vote for board directors and more.
Credit unions often focus more on their communities than traditional banks since they have a vested interest in the financial health of their membership.
Credit unions offer many of the same conveniences as larger banks like mobile banking, online banking, ATM networks, online bill pay and much more.
Credit unions like Education Credit Union in Amarillo, TX also offer benefits for educators and teachers in their community.
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