What to Know Before You Leave Your Bank for a Credit Union

If you’ve always worked with a bank, you may be concerned about switching to a credit union. We understand that making a big switch – especially where finances are concerned – can be scary. Many people become loyal to a specific banking brand and worry that leaving will be detrimental to their financial health.

However, there are numerous unparalleled benefits that come from working with a credit union and leaving your bank behind.

Credit Unions Are Cooperative

The big difference between banks and credit unions is how they handle their profits. While banks are for-profit corporations designed to earn money for only their shareholders, credit unions are non-profit organizations. When the credit union does well, so do all of its members. Members receive better interest rates on loans, lower fees, and even earn more interest on their savings. The credit union exists for the benefit of its membership only.

Credit Unions Offer the Same Services as Banks

Like banks, credit unions offer the same financial services. Traditional savings and checking accounts, direct deposit, mortgages and home equity loans, and other lending services are all available from your local credit union. When you say goodbye to your bank and transfer your money to a credit union, you don’t have to give up the services you need to manage your financial affairs.

You Have a Voice at Your Credit Union

As mentioned above, traditional banks work for the benefit of their shareholders and credit unions work for the benefit of their members. As a member of a credit union, you are a part owner and can expect to be heard. You may even be eligible to serve on the volunteer board for your credit union. When was the last time your big bank offered you a vote?

Credit Unions Benefit Their Communities

Since credit unions are formed for the benefit of a specific group of people (known as the “field of membership”), they also make a point of giving back to those unique communities. The end goal is good financial health for all members, so whether you join a credit union for federal employees, like FedFinancial, or one for students at your university, members of your church group, or residents of your town, you will be part of a larger effort to achieve financial success for a group of people much like yourself.

Are you ready to make the switch?  Move your money to FedFinancial today. Click here to sign up for an account.