One of the questions people frequently ask us is, “what is the difference between a credit union and a bank?” Although we offer many similar services as banks, there are several distinct differences:
Credit Unions work for YOU: Credit Unions are governed by a volunteer Board of Directors, which means YOU have a say. As a member, you are a joint owner of the Credit Union, giving you the opportunity to vote or run for the Board election annually.
Members vs. Customers: To become a member at a Credit Union, you must first qualify for membership prior to opening an account (your share of the Credit Union). You can do this by meeting an eligibility requirement as part of the stated field of membership. We take pride in knowing our members by name. As a customer of a bank, you typically have no ownership in the institution, unless you are a stockholder.
Not-for-Profit vs. For-Profit: Credit Unions are not-for-profit financial cooperatives whose earnings are paid back to members in the form of higher savings rates, lower loan rates and better products and services. Banks are for-profit corporations with declared earnings usually paid only to stockholders.
Lower Rates: We make every effort to offer the best rates possible to save you time and money. We operate with a “no gimmick” transparency policy in order to provide beneficial products and services to our members with no hidden fees.
Community Involvement: At SRU FCU, we strive to always be involved in the community through sponsoring events, volunteering, and even hosting some of our own events. We are always looking for ways to thank our members as well as welcome new faces to the Credit Union.
Financial Education: Even though you can ask questions at any financial institution, we make it a priority to educate our members on a regular basis. We want to help you understand your options, and we will always welcome you to stop in or call with your questions.
No Judgment: SRU FCU is proud to be a judgment-free financial institution. Whether you are in need of a loan for a new vehicle, home renovations, large purchases, or simply looking for better ways to save for the future, we have you covered! We want to help you reach your own personal financial goals!
Have you joined SRU Federal Credit Union? Stop in or give us a call to learn more about who we are!