When you do business with a credit union or a local bank, you are helping to support an entire community. Many credit unions and local banks have neighborhood roots, and are dedicated to investing in the individuals and small business owners who live and work there. Credit unions and local banks often provide many of the same financial services that bigger banks offer—but typically at far less cost. Because their focus is on providing value to members, credit unions can offer more competitive rates and affordable terms to their members, such as lower APRs for student loans and mortgages, and no (or low) minimum balances for accounts.
Members of credit unions and community banks often report experiencing better customer service and more personal attention. And your accounts are safe! The National Credit Union Share Insurance Fund, which is backed by the U.S. government, insures federally chartered and many state chartered credit unions. The Fund, similar to the FDIC for bank deposits, insures individual accounts up to $250,000.
A credit union is a not-for-profit cooperative financial institution that provides financial services for its members. Credit Unions are owned by their members and their main purpose is to serve the financial needs of their membership.
Because these institutions operate on a not-for-profit basis, the savings are passed on to the members in the form of low interest rate loans and high-interest rate savings accounts keeping more money in the local community. This enables credit unions to be on the forefront of providing thrift and high value financial products and customer service to their membership.
Community banks are independent, locally owned and operated institutions with assets ranging from less than $10 million to multi-billion dollar. As an integral part of the community, owned and operated by community neighbors, these banks have a vested and personal interest in your success. By banking at a community bank, you are investing in your community, often funding and supporting local borrowers and businesses..
Whether located in small towns, suburbia or big-city neighborhoods, community banks improve communities by funding small businesses and using local dollars to help families purchase homes, finance college and build financial security.
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