Credit Unions Make a Difference.
International Credit Union Day is October 21, a time to reflect on the way credit unions contribute to a brighter future by working to improve members’ financial well-being.
This year’s theme is "Building Financial Health for a Brighter Tomorrow™." Credit unions are committed to supporting their members by providing financial products, services, and education that will help them achieve these goals. After all, financial wellness is a key reason why credit unions were created.
So in the spirit of ICU Day, let’s take a quick look at four factors that make credit unions the best choice when it comes to building your financial health.
1. Members first.
As a member of a credit union, you own a piece of the organization. That’s why it’s often referred to as a cooperative. Your credit union is not betrothed to Wall Street – we only want what’s best for you. This means we can focus on offering superior service and policies that are as member-friendly as possible.
2. Lower fees.
Banks earn much of their profit through fees and pushing unnecessary product on their customers. While a credit union will also have fees attached to products and services, these tend to be lower than similar fees you’ll find at a bank.
3. We’ve got your back.
A credit union will be willing to work with you through rough patches. While a bank is more likely to turn down a borrower who has a poor credit history, a credit union member representative will be happy to meet with you and work to find a loan that best suits your needs. If necessary, we can also help you learn the basics of budgeting and may offer programs to help you cover unexpected expenses.
4. Better rates.
Credit unions offer higher dividend rates on savings accounts and lower interest rates on loans. We only need to cover operating costs, and all the money we save is passed down to our members in the form of favorable rates, enhanced services, increased operations and more.
As you can see, we have a lot to celebrate! Happy International Credit Union Day from all of us at Rio Grande Credit Union – we’re honored you’ve chosen to be part of the credit union difference!