Why credit unions are different

Credit unions are different from other financial institutions in many important ways. Here are a few reasons why credit unions are the smarter choice for you and your family any stage in life:

They are owned by their members.

Credit unions are owned and operated by the people who use them. That’s why they’re dedicated to the things that really matter to you. So when you join a credit union, you’re more than a member; you’re an owner—and that means you have a say in how your credit union is run.

A volunteer board of directors, elected by the members annually, governs a credit union. With their vote, each member has a direct impact on the direction of the credit union. This is very different from a bank, where stockholders vote according to the number of shares of stock they own.

They are not out to make a profit.

Credit Unions are not-for-profit, so they aren’t obliged to make a profit for stockholders. This means they can reduce or eliminate many traditional fees and offer better rates and more attractive terms on loans, all of which help you save money. Credit Union accounts are insured by NCUA up to $250,000 with IRA accounts insured separately for an additional $250,000.

They don’t provide cookie-cutter solutions.

Credit union employees are well aware that one size does not fit all. They’ll take a close look at you and your family’s situation and at the available options to come up with a solution for your needs. If you don’t want to rent forever and are looking into buying your first home, or are in the market for buying a new car, credit unions employees will take into consideration your immediate concerns and long-term goals as well as your credit situation and amount you can afford on a down payment.

They put family before money.

Because credit unions are there to serve their members and not turn a profit, you can feel confident in the fact that your best interests are being looked after. It’s no coincidence that generations of families continue to be proud members. Just like how your family’s priorities will shift throughout the years, credit unions are dedicated to providing new services that make banking more convenient, secure, and accessible to accommodate your changing needs.

They are aware that knowledge equals power.

Credit unions are committed to providing educational resources at all stages of your life. It’s not about selling you products and services you might not need, it’s about providing you the knowledge and tools so you can make steady progress on your financial goals. Many credit unions offer free financial seminars and classes as well as free online tools and resources in the communities they serve. The National Credit Union Foundation coordinates the “Real Solutions” program, which supports community reinvestment programs in 33 states.

They are there for you coast to coast.

Credit unions that are connected by the CO-OP Network are linked with other credit unions nationwide. Join any of them, and you can use nearly 30,000 surcharge-free CO-OP ATMs. You also can visit more than 5,000 CO-OP Shared Branch credit union locations to make in-person transactions, just like at your home branch.

Choosing a Credit Union.

Ready to make the switch? Altra Federal Credit Union is a full-service financial serving 90,000+ members in all 50 states and around the globe, including two locations in Clarksville, TN. Learn more at “Why Altra” or visit www.altra.org and discover why Altra is where you belong!

This article is sponsored by Altra Federal Credit Union. This information is intended solely to provide guidance and is not financial advice.

Rizk, Lisa. “Why Credit Unions Are Different.” LoveMyCreditUnion.org.
LoveMyCreditUnion.org, n.d. Web. 24 Nov. 2015