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Is A Credit Union Membership The Right Place For Your Money?
In today’s fast-paced, digital age, people who work hard for their money almost never lay eyes on the cash they’ve earned. Thanks to automatic payroll systems, paper paychecks are practically a thing of the past. The need to find the right place to accept those automatic deposits, however, has not gone away. For many people, the solution they seek lies within a credit union rather than a traditional banking institution.
On the surface, banks and credit unions may appear very similar.
After all, both are equipped to accept those convenient automatic deposits. Both are also able to provide people access to checking and savings accounts, credit cards and loans. The differences lie at the very core of the operations, and they’re significant.
Banks are for-profit institutions that generally strive to earn shareholders money. Credit unions are not-for-profit, member-owned cooperatives. Essentially, account holders are a means to an end for banking institutions. At credit unions, the best interest of the member is the top priority as members are served each and every day.
Considering the fundamental differences between banks and credit unions, members at the latter are likely to find a high level of service is provided to them no matter how much – or little – money is placed into an account. Credit union membership also tends to provide individuals with benefits that go beyond service, including:
• Higher interest rates on deposit and investment accounts – Credit union members typically receive a higher return on their financial investments, such as savings accounts and certificates of deposit, or CDs. This is simply because credit unions pay out higher rates to their members because of their unique design. Since they work on members’ behalf and not shareholders, any profits made benefit members directly.
• Low interest rates on credit cards and loans – Credit unions are also generally able to provide their members better rates on money borrowed. This is again due to the different focus these member-driven cooperatives have. Since credit unions do not have to earn huge profits to placate shareholders, they reinvest money earned for their own members. Oftentimes, that reinvestment translates into lower rates.
People have many choices on where to place their hard-earned dollars. Credit union membership provides a distinct advantage for people who wish to enjoy a higher level of service and greater value attached to the financial accounts they hold. From lower rates on loans to higher earnings on savings, credit unions are driven by a singular goal: serving their members’ best interest.
Serving our community since 1931, CUTX is owned by its members and operates in accordance with the laws governing credit unions in the State of Texas. As a member, your deposits are federally insured by the National Credit Union Administration, a United States government agency.
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