Oct. 24, 2011 – NAFCU on Friday publicized the benefits of credit union membership, and media outlets such as the Boston Globe’s website, the New York Daily News and Yahoo! Finance jumped at the chance to tell their readerships why bank-weary consumers should join credit unions.
On why consumers should foster relationships with credit unions, Karen Tyson, NAFCU’s senior vice president of marketing and communications, noted “real advantages” of being a credit union member.
“Not only are credit unions great stewards of their members’ money, but their business model means their primary focus is on serving their members,” she said last week. “When you join a credit union, you know that your money goes back to you, the member.”
Here are the five reasons NAFCU says consumers should join credit unions:
- Members come first. Unlike banks, credit unions are not-for-profit, member-owned financial institutions where you are not a number – you’re a member. Relationships matter and people come first. Many people are eligible to join a credit union based on their employment, community, educational, military, church or family affiliation. Low-income-designated credit unions offer financial services in communities that are often underserved by banks.
- Joining a credit union is easy. You can find a credit union to join at www.CULookup.com. Visit your local branch, or apply for membership online. At some credit unions, you can open an account for as little as $5. Once a member, you can stay a member.
- Credit unions have great services and products. Credit unions offer savings and checking accounts, debit cards, credit cards, IRAs, auto and mortgage loans, and online banking -- just like banks.
- Convenience. Many credit unions participate in a shared branching network offering members access to credit union locations in all 50 states. Credit unions also offer access to thousands of free ATMs nationwide.
- Deposits are safe and secure. Deposits in the nation’s federal credit unions are federally insured through the National Credit Union Administration. NCUA carries the full faith-and-credit guarantee of the United States government, just like the FDIC. No credit union member has ever lost a penny of their federally insured funds.