The Value of Credit Unions

You have no doubt heard the good folks at AltaOne sing the praises of credit unions. What are the major advantages of a credit union over a bank? You might see familiar bank brands -- names like “Chase,” "Bank of America" and “Wells Fargo” -- and their numerous television commercials. However, this certainly does not mean these giant corporations offer a better option. In fact, the lack of national branding contributes to the advantage credit unions have over banks.

First off, credit unions are local, and because they are local, they have the opportunity to personalize and focus on its members more so than banks. Credit unions can make the customer the top priority because they do not need to worry about maximizing profit for third-party shareholders, i.e. corporate bank investors. Credit unions do not have a corporate interest influencing the services they offer—they are simply better for the customer.

In addition ...

Credit union members are its shareholders.

Unlike banks, credit unions make all its account holders shareholders. With every deposit made into an account, you are buying shares of the credit union. Additionally, each member also has a say in the credit union operation because credit unions hold democratic elections for a volunteer board of directors.  Any member can vote regardless of the account balance or services they use at the credit union. 

Set your sights on the better rates.

Credit unions offer much better interest rates than banks.  Because credit unions are not for-profit, they can offer lower rates on products such as auto-loans, and much higher returns on personal checking, savings accounts and certificate shares.

Credit unions have many of the same services as banks.

Consumers are all seeking the same types of products and services from their financial institution -- whether that is a credit union or bank. Credit unions and banks offer the same primary services: checking accounts, savings accounts, loans, credit cards, safe deposit boxes and debit cards. You may be in for a surprise, though, with the additional services credit unions provide.

Credit unions also offer unique services.

With their locality comes their specific attention to local customers and businesses. Ultimately, the services offered to businesses at credit unions are often more personable and customized than those found at big banks. In addition, credit unions such as AltaOne are often far more involved in their local communities, sponsoring events, participating in local business organizations, etc.

Whether you decide to open a new savings account maybe just for holiday shopping or leave your bank completely, joining a credit union is a good idea. Where banks often fail to connect at the local level to their customers, credit unions exist for their local community. You are more than a customer there— you are a team member, a shareholder and a leader

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