What is a common benefit of joining a credit union?

Joining a credit union offers the unique benefit of ownership by members. Unlike traditional banks that are profit-driven and owned by shareholders, credit unions operate as non-profit organizations. This means that they are member-owned, and every member has a stake in the organization, fostering a sense of community and shared financial goals.

This member-centric approach often translates into better rates on loans and savings accounts, as any profits generated are typically reinvested back into the credit union to improve services or reduce fees. Members are able to participate in decision-making processes, often having a say in the annual meetings where key financial decisions are made. This structure encourages the credit union to prioritize the needs and interests of its members over maximizing profits, creating a more customer-friendly and supportive financial environment.