If a person was to tell you that there were financial institutions out there that provided great customer service, higher rates of returns, lower fees and lower interest charges on loans would that be something that might perk your interest?
These are all characteristics of a credit union. So why doesn’t everyone bank at a credit union? Because a lot of people don’t know what one is.
A credit union is a member-owned financial co-operative. These institutions are created and operated by their members and profits are shared among the consumers who actually use the credit union. With a credit union you are a member, or a stakeholder. With a bank you are simply a customer. Banks are for-profit institutions and their goal is to make money for the stockholders of the company, not you.
Let’s look at the biggest credit union myths. Continue reading