5 Things That Might Surprise You About Your Local Credit Union
Credit unions often get overlooked alongside prominent banks when people evaluate options for personal financial services. But beneath the humble exterior of these member-owned, not-for-profit cooperatives lie some eye-opening advantages not always apparent at first glance. Understanding everything contemporary credit unions offer could lead more consumers to migrate from traditional institutions. Here are five realities about credit unions that might just surprise the uninitiated.
Surprise #1 – You’re Probably Eligible to Join One
Unlike restrictive country clubs, credit union membership spans far and wide thanks to easing field-of-membership requirements. Historically, credit unions served narrow industries, but regulatory shifts have empowered over 90% of Americans to join one through employer ties, organizational affiliations, or family member sponsorship. Geographic-based credit unions unite entire communities. Few people realize how readily accessible credit union advantages have become regardless of current occupation, education background, or income level.
Surprise #2 – Robust Digital Experiences Match Big Banks
Early credit union technology notoriously lagged competitors, but modern platforms rival premier institutions in sophistication. Mobile apps facilitate remote check deposit, account transfers, and mobile wallet payments with leading user experiences. Digital loan applications, shared branching locators, budgeting dashboards and money management tools simplify managing finances from anywhere conveniently. While some assume smaller institutions lack capable technology, credit unions leverage the same enterprise-level infrastructure implemented at large banks. Core system partnerships empower credit unions to deliver digital excellence on par with prominent names.
Surprise #3 – They Offer Really Great Auto Loan Rates
In addition to baseline savings/checking accounts, credit unions like US Eagle FCU provide impressively low rates across major lending products as well. Chief among those sits affordable auto loans that regularly beat competing bank offers. Even used auto loans through credit unions consistently come in lower thanks to their not-for-profit cooperative structure. Competitive financing gives members bargaining power when shopping for vehicles.
Surprise #4 – ATM Access Spans Almost Everywhere
In the past, credit union ATM availability posed adoption barriers with far fewer machines than mega-bank networks. Thanks to extensive partnerships among credit unions nationwide though, members now enjoy fee-free access to over 30,000 ATM terminals spread across all fifty states. The CO-OP Network connects participating credit union partners to shared branches as well, expanding convenient access points to over 5,600 physical locations. Between shared branching reach and cooperative ATM arrangements, credit union members benefit from tremendous network effects similar to prominent banks. Geographic constraints barely apply anymore regarding convenience.
Surprise #5 – They Invest Heavily in Local Communities
Unlike big banks beholden to distant shareholders, credit unions circulate profits back into the specific areas they serve. Member deposits fund low-rate loans that help everyday people buy homes, vehicles, and start community businesses. Those funds stimulate economic growth through local jobs, construction projects and supportive investments. Credit unions also donate thousands in academic scholarships alongside grants benefiting regional charities annually. By pooling communal capital, members collectively uplift hometown communities exponentially beyond individual means. Your deposits are actively improving the area you live in.
Conclusion
While many still perceive credit unions as small-scale operations offering basics like savings accounts, contemporary credit unions deliver full financial services with community focus and cutting-edge convenience. Expanding membership options now enable almost all consumers to access their ethical lending models and member-first values. Surprisingly robust digital functionality complements physical branch locations conveniently spread through shared networks with thousands of partner access points. The capabilities likely defy outdated assumptions still associated with credit unions. Hopefully, revelation of these key truths compels more people to evaluate credit unions when selecting financial partners aligned to their interests.
