You're Not Just A Number At The Credit Union_45442

Most people first think of banks when they need a loan or any other financial services. However credit unions are a wonderful alternative to regular banks, with many advantages that are very attractive to most folks. They are not-for-profit cooperative institutions that are owned and controlled solely by the members. Credit unions are definitely a different breed than the big banks.

A credit union is operated for the purpose of encouraging thrift, providing credit at reasonable rates, and offering many other financial services to the members. A lot of credit unions exist to further the growth and expansion of a specific community or to uphold international development on a local level. They exist in a wide range of sizes and some are volunteer operated, while others are institutions with billions of dollars in assets and hundreds of thousands of members while still remaining smaller than most banks.

The biggest difference between credit unions and banks is that the members are also the owners of the credit union. They elect a board of directors in a democratic one-person-one-vote system. It doesn't matter the amount of money that a member has invested in the credit union, they are eligible to be elected to the board. As a member, no matter how small your bank account, you are part owner of a thriving enterprise.

Credit Unions offer many different services including online banking, checking accounts, credit cards, certificates of deposit, and savings accounts. Of course you must be a member to take advantage of any of the services offered by a credit union. One of the biggest things you will notice as a member, is that you will be on the receiving end of great customer service. Gone will be the days of being treated like a number at your old bank.

Credit unions provide better quality member services and are committed to helping members improve their financial health. They offer a broader range of loan and savings products at a much cheaper cost than other financial institutions. Their interest rates are better and they have lower fees. Best of all, there are no hidden penalties.

Credit unions have a fairly long history in North America starting in 1901 when the first Credit Union was established in Levis, Quebec. Not long after, the first credit union in the United States opened in Manchester, New Hampshire. Since then, there has been a certain amount of animosity between banks and credit unions. As of 2005, there were 86 million credit union members in the United States and by the end of 2006, there were 46,377 credit unions in 97 countries around the world serving 172 million members. The next time you are in need of financial services, you should consider becoming a member of your local credit union.