When it comes to saving money and getting personal service, credit unions lead the way in banking.

If you’re wondering how credit unions measure up versus banks, here are five key advantages to banking where you’re a member instead of a customer.

Lower fees

One of the biggest differences between banks and credit unions is that banks are structured to generate profit. The not-for-profit approach of credit unions means any earnings above operating expenses are returned to members. Credit unions focus on providing the best value for their members, so they keep fees low for everything from checking accounts to loan applications.

Better interest rates

Another credit union advantage is lower interest rates on loans and higher interest paid on deposits. Again, because credit unions don’t focus on profit they can offer more competitive financial products compared to banks.

Local decision making

Most big banks are headquartered far from their customers, meaning decisions are made by folks who don’t know the communities where their customers live and work.

At credit unions like Consumers, decision makers are local. We have first-hand knowledge of local markets. Additionally, we have a genuine interest in helping members achieve their goals—like purchasing a home or saving for retirement.

Credit unions build stronger communities

The money deposited in credit union accounts is used to fund local loans which helps build stronger communities. For example, membership at Consumers is open to all people who live or work in Michigan and certain Indiana counties and these are the communities we support.

When individuals, businesses and municipalities become credit union members they help support the local community too.

More personalized service

Impersonal service is one the biggest reasons for dissatisfaction with big banks. Credit unions pride themselves on providing individualized, highly personal service.

Here at Consumers we welcome your questions. We’ll take time to help you select the right mortgage for your situation or explain how IRAs work. We’ll help introduce your kids to banking and show them how to develop good financial habits. Our Commercial Loan Officers will help you make financial decisions to help your company grow. We exist to serve you and the communities where our staff lives and works. And we love what we do—serving you!

If you’re not already a Consumers member, we invite you to join. Apply online now so you can bank how you want, when you want—locally.

 

All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions. Federally insured by NCUA