Discover the credit union difference!
Each and every day you make dozens of decisions. Some are small like deciding what to have for breakfast. Others are big like where to live, go to school, or if you should go on that date or not. Sometimes those decisions can feel overwhelming when you have so many options available. This is especially relatable when deciding on your primary financial institution.
Speaking of, have you ever considered a credit union? In this blog article, we’ll explore topics like why choose a credit union vs bank, what they are, the advantages, and much more!
What is a credit union?
Before we get started, you’re probably wondering what a credit union is and how it's different than a traditional bank. Investopedia defines a credit union as “a type of financial cooperative that provides traditional banking services” and “are created, owned, and operated by their members.”
In other words, a credit union is owned by its members — the people who use it. When you join, you become part of a group that works together to save money and support the community.
What are the advantages of a credit union over a bank?
Due to their not-for-profit status, credit unions like Clearview focus primarily on helping their members achieve their financial goals by offering lower fees and better rates, instead of trying to make huge profits. You’ll also gain a more personalized and community-focused service compared to a traditional bank.
So why choose a credit union vs bank?
If the facts that we discussed above aren’t enough to convince you to join a credit union vs bank, some of these other perks may help seal the deal!- Participation in surcharge-free ATM networks, which allows members access to thousands of locations nationwide.
- Plenty of financial literacy resources, programs, and tools to help members make informed financial decisions.
- Lower barriers to entry with straightforward membership requirements, often tied to where you live, work, worship, etc. Check out these membership requirements to see if you’re eligible to join Clearview!
- Credit unions support the local economy by investing and employing in the surrounding communities.
We hope that this article gives you some insight into common questions like why choose a credit union vs bank, what they are, and what their advantages are. Are you ready to join Clearview and start experiencing clearly different banking? Become a member and let us help you unlock your financial potential!