There are many options when it comes to handling your money, and two of the most common options are banks and credit unions. But which option is better for your money and your personal financial goals?
About one-third of Americans belong to a credit union and are receiving countless additional benefits compared to a bank.
“Credit Unions are made up of people helping people reach their financial goals,” said Gary Fossey, Vice President of Member Development at Allegius Credit Union.
Credit unions offer the same core products that banks offer: checking and savings accounts; home, auto, and personal loans; debit cards; credit cards; online and mobile banking; online bill pay; CDs; certified and cashier’s checks; money orders; and safe deposit boxes. But they also offer more. We consulted with Allegius Credit Union to ascertain why credit unions are the banking method of choice for so many people.
For the members
Members of credit unions share a common bond, also known as the credit union’s field of membership. Someone can join a credit union through many eligibility options such as an employer, family member, geographic location, and membership in a group. No matter how you become a member, when you join a credit union, you have a say and your voice matters. Members even vote to select the credit union’s respective board of directors.
In addition, because you are a member, credit unions often offer: 1) better interest rates on both - checking and savings accounts, and loans; 2) charge fewer fees; and 3) there is often no minimum or a very low minimum to open an account.
At Allegius Credit Union, the Kasasa Cash® and Kasasa Cash Back® checking accounts are popular for all these reasons. Both accounts do not have a monthly maintenance or minimum balance fee, require no opening deposit, and even offer rewards such as a high interest rate on deposited funds and cash back from debit card transactions. In addition, Allegius is currently running a back-to-school special for new memberships and new Kasasa Cash Back® checking accounts for students ages 16 to 24 years old. For more information on this special, visit https://www.allegius.org/about-us/become-a-member.html.
Member service
The level of member service is highly personalized at a credit union. Members are generally considered and treated as friends rather than a number.
“At Allegius, our members walk into a more friendly, welcoming, and positive environment,” Fossey said. “We’ve arranged our offices to provide this feeling and ensure our members feel at home when they visit us.”
Allegius Credit Union aims to help members however, whenever, and wherever they can. Allegius offers a Shared Branching network that allows members to use over 6,000 office locations and countless ATM locations across the country with their Allegius accounts. To search for a location near you, click here.
Not-for-profit
Credit unions, like Allegius, operate to promote the well-being of their members. Profits made by credit unions are returned back to the membership in the form of reduced fees, higher savings rates and lower loan rates.
Basically, credit unions create a cycle of mutual assistance toward a common goal of the financial well-being of members. One member’s savings could become another member’s loan.
Volunteer-based oversight
Ranging from small to large credit unions, the commitment from their volunteer Board of Directors is straight from the heart. They provide guidance and direction of the credit union by carrying out their duties in good faith, with the best interest of the membership in mind.
“Allegius Credit Union’s board is made up of volunteers who work to serve members to their best abilities. They are normal people just like you and I working toward a common goal: the benefit of all Allegius members,” Fossey said.
Because of this common goal, the aura at Allegius is service orientated with offering financial guidance by their staff on a personable level to assist each member meet their monetary goals.
For more information on Allegius Credit Union, visit https://www.allegius.org/.
New members, ages 16 to 24, could receive up to $200 as part of a back-to-school special. Visit https://www.allegius.org/about-us/become-a-member.html for more information on this offer.
To see more information on the credit union philosophy click here: https://www.mycreditunion.gov/about-credit-unions/credit-union-different-than-a-bank.
