Full Disclosure: This post is sponsored by Make Your Money Matter, in association with PSCU, though all views expressed are my own.
Once you become an adult and need to choose where to conduct your banking. Do you go with a credit union, local bank, or just follow in your parents footsteps? The majority of us will just sign up at the same banking institution as our family without much thought. What if I told you that one small choice, could cost you money plus take away benefits to your local community?
3 Reasons to Choose a Credit Union Instead of A Bank:
- Membership Impact
- Community Impact
When you visiting a credit union you can utilize the same services as you would expect from a bank. Services offered include checking accounts, saving accounts, ATM’s, auto loans and home loans. The main differences come from who owns each entity. Banks are owned by shareholders who expect as much return as possible without taking into consideration the person. A credit union is owned collectively by the members of the credit union. I would rather be in-charge of making choices for the investment of my money instead of some bank shareholder who lives states away.
When you choose a credit union, your will receive lower interest rates on loans, and higher returns on your investment. Did you know that funds from your local credit union trickle back into your local economy through student loans to fund your neighbors college education, to enable the newleywed couple to purchase a new house, and to enable your local farmer to continue to purchase equipment to grow his crops!
Since September of 2011, more than 3.7 million Americans have joined a credit union! For more information about a credit union near you, visit www.makeyourmoneymatter.org
So tell me, do you bank with the same institution as your parents? Would you consider a credit union? Why or why not?