Reasons to Do Your Banking at a Credit Union
When you’re selecting a financial institution to use for your money management, drive past the major banks and head instead to a credit union. Credit unions combine all of the convenience and services of banks but with added benefits for members that banks can’t match. Whether you’re looking for a checking account , a Visa Rewards credit card, or an auto loan, here are some of the reasons a credit union may be a good fit for you.
At a bank, you’re a customer. At a credit union, you’re a member. This distinction makes a major difference in the rates you get on loans as well as the fees for services. Banks are for-profit institutions, which means that they have shareholders who expect them to make money. Credit unions are non-profit groups that are entirely owned and run by their members. Because credit unions do not make a profit, any income generated by their services gets re-invested back into products for members, including low-interest rate loans and free services.
There is a misconception that credit unions are not as convenient as banks. While that may have been the case at one time, today’s credit unions have multiple locations and offer robust online banking tools at your fingertips. A cooperative network of credit union ATMs makes withdrawing money without facing a fee easy.
Because you’re a member instead of a customer, the staff at your credit union knows you as more than just an account balance. This personal connection can be beneficial when you’re applying for financing because it allows the credit union to consider your entire financial picture and circumstances instead of simply approving or denying you based on a formula.
Contact GCS Credit Union to discover the difference of banking with a credit union . Our credit union in O’Fallon offers a broad range of services and is invested in the financial wellbeing of all of our members. To find out more about membership, call us today at (618) 797-7993.