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While banks and credit unions offer similar products, there are several distinct differences you should be aware of when deciding where to do your banking. Here are some of the reasons to consider a credit union instead of a bank:
- You stay in control. Unlike a bank who generally has shareholders, a credit union is owned by their depositors. This means the board of directors is elected by the members and they help plot a course for growth, new product offerings, etc. Banks are typically owned by shareholders who are interested in making a profit.
- More favorable rates. Because banks are intent on making a profit for their shareholders, they seldom lower rates to their customers. Credit unions are not-for-profit entities which means any earnings are used to lower credit card rates, increase interest rates on savings and offer better mortgage rates.
- Personalized service. Because credit unions tend to be local, most of the branch staff get to know the members. At a big bank, you'll be hard-pressed to find a teller who recognizes you, let alone remembers your name.
- Resources open to all. One of the best aspects of credit unions is their ability to work together to provide members with access to their money, almost anywhere. Through the Shared Branch Network, credit union members who travel or go to school in another state can access more than 5,300 locations across the country.
- Community focus. Nearly all credit unions, including Oklahoma Central Credit Union, are community-focused. They give back in a variety of ways including contributing time and money to charitable organizations and offering free financial education.
Credit unions are owned by their members which means they have more control over the programs that are offered. Additionally, in nearly all cases, a credit union member will be able to take advantage of lower car loan rates, lower mortgage rates, and a range of products designed to meet the needs of the members of their community. If you want to learn more about our products or make the SmartMove to a credit union, contact a Member Financial Representative today or stop by any one of our 11 local offices.
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