Comments Off | Sunday, October 2, 2011
Why do so many people prefer credit unions to large banksing centers?
A credit union is a non-profit, member-owned financial institution that offers a variety of financial services similar to a bank. Your credit union offers checking and savings accounts, ATMs, loans and online banking services. Credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), a private insurance fund backed by the federal government.
Member Owned
Every person with an account at a credit union is a member and this makes you a partial owner of your credit union. You will get to vote on who you want to serve on the Board of Directors and this board will help guide the direction of the credit union. This means you can provide input about what financial services you would like provided through the credit union.
Selection of Financial Services
Through your credit union you can open checking, savings and/or money market accounts (with direct deposit and wire transfer capability); get a credit card with low or no annual fee and lower interest rates. You can also get a mortgage or car loan.
In addition to the basic services that you expect at a financial institution, you may also find that your credit union offers notary services, credit counseling, financial education and investment services.
Better Interest Rates and Lower Fees
Credit unions offer higher interest rates on your savings, money market and CD deposits than you can typically find at banks. They also offer lower interest rates on your mortgage, auto loans and credit cards. These better interest rates are a result of the non-profit arrangement in which credit unions pass profits back to the members in the form of better interest rates.
Credit union members enjoy the benefits of lower fees–low or no annual fees on credit cards, free or low-cost checking accounts and free ATM usage.
Excellent Customer Service
Since each customer of the credit union is also a member, the customer service level at credit unions is known to be excellent. In an American Banker Gallup poll, credit unions consistently ranked higher in customer service than banks.
Local credit Unions. Find one in your neighborhood.
- Alliance Credit Union – San Jose Serves members in the San Jose, CA and Wilmington, North Carolina areas. www.alliancecreditunion.org
- KeyPoint Credit Union – Sunnyvale Provides a full range of financial services. www.keypointcu.com
- 1st United Services Credit Union – Alameda County Provides financial services to members in Alameda, Contra Costa, and Kings County, CA, and Churchill County, NV, as well as online banking. www.1stuscu.org
- Pacific Advantage Federal Credit Union – Burlingame www.pacadfcu.org
- Sandia Laboratory Federal Credit Union – Livermore www.SLFCU.org
- KeyPoint Credit Union – Sunnyvale Provides a full range of financial services. www.keypointcu.com
- 1st United Services Credit Union – Alameda County Provides financial services to members in Alameda, Contra Costa, and Kings County, CA, and Churchill County, NV, as well as online banking. www.1stuscu.org
- Star One Credit Union – Sunnyvale www.starone.org
- San Francisco Federal Credit Union – San Francisco For city and county employees of San Francisco. www.SanFranciscoFCU.com
- Cal State 9 Credit Union – Berkeley Member-owned financial cooperative serving California State & University employees in the nine SF Bay Area counties. www.calstate9.org
- Redwood City Sequoia School Employees Federal Credit Union – Redwood City Serves the financial needs of its membership and is the primary source of their lending and borrowing needs. www.rcsse.org
- Palo Alto Community Federal Credit Union – Palo Alto www.pacommunityfcu.com
- Valley Credit Union – San Jose www.valleycu.org
- San Francisco Police Credit Union (SFPCU) – San Francisco www.sfpcu.org
- Silverado Federal Credit Union – Angwin
www.silveradofcu.com
Patelco Credit Union – San Francisco Delivers service through its 38 branches and nationwide network of ATMs and service centers. www.patelco.org - Commonwealth Central Credit Union – San Jose Member-owned, cooperative financial institution formed to encourage savings and make loans at competitve rates. Serving Santa Clara County, CA. www.commonwealthcu.org
- Sterlent Credit Union – Pleasanton Locations in Hayward, Oakland, Pleasanton, Sacramento, and San Ramon. www.sterlentcu.org