This blog is for educational purposes only, not an offer of credit or advertisement for current loan terms. It does not provide legal advice. Refer to our loan web pages or consult professional advisors for specific information.
What is a Credit Union?
A credit union is a financial banking institution, not-for-profit, member-owned financial cooperative. The credit union is not accountable to shareholders who want to make money off the people who hold accounts with it. When a person opens an account with a credit union, they become members and not customers.
There are usually requirements that someone must meet to become a member. However, as credit unions have grown in popularity, they have found ways to become more inclusive to a larger audience.
Benefits of a Credit Union
Why choose a credit union? Credit unions offer their members a kaleidoscope of benefits, such as:
- Lower fees: Since they are not making a profit and are not accountable to shareholders, credit unions may charge lower fees on everything from overdraft fees to loan origination fees.
- Better rates: Credit unions typically offer higher interest rates on savings accounts and certificates of deposit and lower interest rates on loans. This saves you money when you need to borrow and earns you more money when you keep money in savings.
- Personalized service: Most credit unions have a member-focused approach. They are committed to providing personalized service for each member.
- Community involvement: Credit unions are usually owned by local community members, which is why they are dedicated to supporting those communities through initiatives and partnerships.
- Financial education: Many credit unions want to offer more than a loan or checking account. They want their members to thrive and offer financial education resources to empower their members.
MIDFLORIDA Credit Union can help you explore these and other benefits.
Why MIDFLORIDA Is a Great Choice
At MIDFLORIDA, we take pride in offering incredible customer experiences and plenty of options. Some reasons to join MIDFLORIDA Credit Union include our wide range of products for both personal and business accounts.
Join MIDFLORIDA Credit Union as a New Member
With all the benefits you can find at a credit union like MIDFLORIDA, you can now easily understand why you should choose a credit union. MIDFLORIDA Credit Union is ready to have you join us as a new member. Our team can meet all your needs from a checking account to a car loan. Contact us today
