Frustrated with the banking practices of giant banks that profit from unethical practices, more and more consumers are turning to credit unions for their financial and banking services, and for good reason. Why can consumers feel safer with a credit union? Keep reading to find out.
- Credit unions can offer better rates. As opposed to banks, credit unions are not-for-profit. Since credit unions are not driven by profit, they can offer better rates. This includes lower interest rates for loans and credit cards and higher interest rates for savings, money market, and checking accounts, as well as certificates of deposit (CDs). These rates can range anywhere from four to 10 times the amount in interest you would receive from a for-profit bank.
- Smaller operations allow for better customer service. If you’ve ever felt frustrated with the customer service at a commercial bank, you’re not alone, but there is good news. Credit unions can offer a superior level of customer service due to the small size of the business. Instead of long lines and indifferent bank tellers, you can enjoy a more friendly and pleasant experience at your credit union.
- When you belong to a credit union, your opinion matters. A credit union is a cooperative that is owned and operated by its members. This differs vastly from a bank, which is owned by stockholders who are profit-driven. At a credit union, your initial membership deposit makes you a part-owner of the credit union and gives you a say in the credit union’s decisions and policies.
Come to GCS Credit Union in O’Fallon, Illinois for superior customer service and excellent rates for checking and savings accounts, credit cards, auto loans, and more. If you’re interested in learning more about what we have to offer, please give us a call at (618) 219-8600.