NAFCU Gives Customers 5 Reasons to Choose Credit Unions Over Banks

Thursday, November 10th, 2016
Updated: November 10th, 2016
The content is accurate at the time of publication and is subject to change.

Many people think that there’s no alternative to traditional banks. They may grumble about paying fees and maintaining minimum balances, but in the end, they stick with the familiar and don’t stray from the big bank experience. However, there is another option – and credit unions are trying to get the word out about all they have to offer.

The National Association of Federal Credit Unions (NAFCU) has issued a bulletin giving folks five reasons to switch from their bank to a credit union. “With membership reaching nearly 105 million, it’s clear that people appreciate…values that put members first and ensure outstanding service, competitive rates and low fees,” said Dan Berger, president and CEO of NAFCU. Berger said credit unions help people realize their dreams of owning a home, buying a car, and growing a small business.

Berger also pointed out that Millennials are one of the driving forces behind climbing credit union membership numbers. He said growth among this younger generation is telling, proving that the values of credit unions are “timeless.”

The five benefits of credit unions over banks, according to NAFCU, are:

1. They put people before profits. Members are actually the owners of the credit union, so they get a say in how it’s run. Volunteers staff the board of directors at a credit union, and any profits go toward members, in the form of lower fees and more competitive rates.

2. They make joining easy. You can find a credit union to join at and apply online. It usually only takes a few minutes to open your account and transfer funds.

3. They offer lower fees. More credit unions offer free checking, compared with traditional banks. 76% of credit unions offer free checking, compared with 37% of banks. Opening an account costs as little as $5 at most credit unions.

4. They offer low interest. Credit unions also offer credit cards for people with all levels of credit. Customers with good credit can get a credit card with a great low-interest rate.

5. They’re convenient. Many credit unions offer shared branches, giving members access to credit unions across the whole country. ATM access is free at many locations, as well.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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