November 26, 2018
Written by Lisha Fabris
Discover why so many in the San Francisco East Bay area are choosing to bank with local credit unions like 1st United Credit Union over larger financial institutions.
When it comes down to deciding whom to trust with their money, many people struggle with the choice between a larger bank or their local credit union. Both options allow customers to access checking and savings accounts, loans, certificates, credit cards, and mortgages. However, there are some key differences in banks and credit union that may make the difference in where people choose to bank.
How this Local, San Francisco East Bay Area Credit Union Differs from a Large Bank
In the wake of recent big-bank debacles, many in the San Francisco East Bay community have found themselves looking for an alternative. 1st United Credit Union differs from larger financial institutions in 6 key ways.
1. They Are Not-For-Profit
Credit Unions like 1st United are non-for-profit cooperatives with the goal to best serve their members, not their profits. They invest their profits from various products and services back into the business instead of paying shareholder dividends.
2. Members are Owners
Those who choose to bank with a credit union become actual members of their financial institution, are given a vote, and have the opportunity to sit on the board of directors.
3. Members Receive Better Rates & Fees
With lower operating expenses, credit unions can offer lower fees and loan rates while increasing savings rates.
4. They are a CO-OP
Members of credit unions can withdraw cash at various locations and make a deposit thanks to an expanded network of ATM access.
5. They Help their Community
Local Credit Unions are passionate about supporting their communities through volunteerism, charitable giving, and financial education.
6. Members are Protected
Member of 1st United can rest easy knowing their financial institution is federally insured by the National Credit Union Association up to $250,000.
To read the original article, click HERE.