1.) Credit Unions are for the members and run by the members. Banks are for-profit institutions, and their goal is to make money for the stockholders. A credit union is a not-for-profit entity, and their goal is to pass profits to the members through added member benefits such as low fees and low rates.
2.) It’s a misconstrued opinion that credit unions have limited branches and ATM locations. Many credit unions belong to more extensive networks, such as the CO-OP Shared Branching and the SUM ATM Network. The added benefit to being part of a broader network is the ability to access your account no matter where you live.
3.) Most credit unions offer credit cards just like a typical bank. What isn’t so typical are the exceptionally low rates they offer. Credit union credit cards offer comparable rewards just like any other as well as being able to provide low rates.
4.) Credit unions have many available ATMs, but they are also fee free! The average fee for an ATM is $2.33 and is on the rise. Now if you use your bank issued ATM card at a third-party ATM, then you just doubled your fees. Credit union ATM cards offer the benefit of being able to withdraw your money free of any fees at participating ATMs. Even if you withdraw money from a third party, you may have to pay their fee, but most credit unions don’t charge for the transactions themselves.
5.) At a credit union, credit cards, home equity loans, mortgages, auto loans, and personal loans all enjoy lower rates than you will find at a bank. At the same time, savings, checking, money market, and CD’s have higher rates. These higher rates are all thanks to the loyal and caring members of Tremont Credit Union. Members are engines which keep a credit union moving.