Banking with a credit union can provide a host of benefits to its members. Credit unions are not-for-profit financial institutions owned and operated by their members. They are community-oriented and focused on providing their members with excellent customer service and financial support.
In this blog post, we will explore five top membership rewards and benefits of banking with a credit union.
Do Credit Unions Offer Rewards?
There are many ways within a credit union that members are rewarded. Members are typically rewarded with better rates and services, upgraded technology, and a large investment into the community to enhances their member’s experience.
The specific rewards offered by a credit union will vary, so it's a good idea to check with your local credit union to see what they offer.
What Are the Benefits of Banking with a Credit Union?
1. Lower Fees and Better Rates
Credit unions are known for their competitive rates and lower fees. Credit unions are not-for-profit organizations, which means they don't have to pay dividends to shareholders. Instead, they reinvest their profits into the credit union, benefiting its members with better products, services, and technology.
They typically offer better interest rates on savings accounts, checking accounts, and loans than traditional banks. They also usually charge lower fees for services such as overdraft protection, ATM withdrawals, and wire transfers. These savings can add up over time, allowing members to keep more of their hard-earned money in their pockets.
2. Personalized Service
Credit unions pride themselves on providing personalized service to their members. They take the time to get to know their members and their unique financial needs. Having the opportunity to pour into a better member experience allows for unique and personalized interactions. This focus can make a big difference in a member's overall banking experience.
Many credit unions also focus on helping their members achieve financial success. Leaders offers financial education programs, financial counseling, and other resources to help members set and achieve their financial goals. Leaders members can schedule a free financial wellness counseling session with a certified financial counselor.
3. Access to Shared Branches and ATMs
Credit unions often belong to shared branching networks, which means members can conduct transactions at other credit unions that belong to the same network. This provides members with greater access to fee-free ATMs and branches when they are away from their home credit union. This can be significant cost saving for members who travel frequently or live in areas with limited access to their credit union's ATMs.
Members have access to 5,600 shared branches and over 85,000 fee-free ATMs through the Co-Op and Allpoint networks when banking with Leaders Credit Union. By downloading the app, you can access your accounts anywhere, anytime and find your closest branch, shared branch, or ATM.
4. Community Involvement
Credit unions are often deeply involved in their local communities. They may offer scholarships, sponsor local events, and volunteer with community organizations. Community involvement can help members feel more connected to their community and proud to be a part of their credit union.
As a local not-for-profit organization, Leaders Credit Union understands the importance of giving back. Leaders advocates for their neighbors, employer partners and communities. Financial Champions volunteer their time and talents with various civic groups and non-profits throughout the region.
Leaders financial champions impact their communities throughout the year by giving back. Leaders partner with WBBJ-TV to honor community volunteers for the impact they are making within the surrounding areas. They support the Leaders Education Foundation that helps provide scholarships and grant opportunities for students and educators. Leaders also support local non-profits in their region through their annual Leaders With Love campaign.
5. Democratic Governance
Credit unions have a volunteer board of directors that provide oversight. Each member has an equal say in how the credit union is run and who is elected to the board of directors. Members vote on important decisions such as changes to the credit union's bylaws, the election of the board of directors, and mergers with other credit unions.
This leadership structure ensures that the credit union is focused on meeting the needs of its members. It also provides members with a sense of ownership and involvement in the credit union's operations.
What Other Perks Do Credit Unions Offer?
Many credit unions offer special membership benefits beyond affordable fees and generous dividends. These may include things like membership appreciation days and attending annual meetings.
Member benefits are a perk on top of the many other advantages of choosing a credit union. You’ll have access to the kind of personalized attention you deserve.
Banking with a credit union can provide many benefits to its members, including typically lower fees and better rates, personalized service, access to shared branches and ATMs, community involvement, and democratic governance. Credit unions are committed to serving and helping their member achieve their financial goals. If you are looking for a financial institution that prioritizes its members and provides excellent service, consider joining a credit union.
Join Leaders Credit Union Today!
Credit union membership allows individuals and businesses the opportunity to keep their money in their communities while reaping the many advantages of being an owner instead of a customer. The qualities we’ve listed here will help you understand what to look for in a credit union and choose the right credit union for your financial needs.
Do you live or work in one of the communities served Leaders Credit Union? If so, we hope you’ll consider joining us! Read about our membership benefits—and when you’re ready to make the switch, follow the steps in our free guide to switching your primary checking accounts.
