What Are the Benefits of Credit Unions?
Many people switch to credit unions because they’re tired of paying high checking account fees and mortgage and auto loan interest rates. Credit unions follow a different business model than traditional banking institutions, and are committed to providing a much friendlier experience for their customers. Here is a look at some of the benefits of choosing a credit union.
You’ll Pay Lower Interest Rates and Fees
As a credit union member, you’ll pay lower interest rates on auto loans and home mortgage loans, lower fees for your checking account . You will also enjoy higher interest rates on savings accounts. Most credit unions have a lot of flexibility regarding the fees that they charge members, and will opt to cut unnecessary costs or services rather than increase fees.
You’re a Shareholder Rather than a Customer
The members of a credit union are shareholders in the financial institution, and thus credit unions are only accountable to their members, rather than a governing board. The goal of a credit union is to pass along any profits that they make to the customer, rather than making money for the stockholders of the company. This means that your benefits as a credit union member are far more varied and valuable than the benefits offered by most banks.
You’ll Get Superior Customer Service
Because credit unions are cooperatives that are partially owned by each member, the employees are invested in providing members with superior customer service. They are non-profit financial institutions, and aim to provide members with affordable services. As a result, the majority of credit union members are incredibly satisfied with the banking services that they receive from their credit union.
If you’re interested in joining a credit union in O’Fallon , come see us at GCS Credit Union. We have been providing community-powered banking services since 1941, and are a full-service financial institution that offers checking accounts, savings accounts, online banking, auto loans, home mortgage loans, personal loans, credit cards, and IRA and retirement services. To learn more about our credit union, call us today at (618) 797-7993.