Credit Unions and You: A Match Made In Heaven Credit unions are available around the globe, all with the aim of providing convenience and benefits for members. A credit union’s ultimate mission is to serve their members in the most consumer friendly way possible. Check out the following advantages provided by credit unions and you’ll see why you and your credit union are a match made in financial heaven. Accessibility and Eligibility. There are currently over 7,500 credit unions in the nation that hold $916 billion in assets and more than 91 million members. Credit unions are defined by their charters and members typically share a common bond or a group of common bonds. To join a credit union near you, check if you are eligible for membership. Such bonds include sharing the same employer, belonging to a church or organization or simply being a part of the same community. No Profit Focus, Fewer Fees. Because credit unions are owned and operated by their members, there is not a focus on profits. Credit unions can establish better pricing for products and services. Credit unions offer fewer fees, better rates on savings and lower rates for loans when compared to large banks. Insured Deposits. The National Credit Union Shared Insurance Fund insures all federal and most state-chartered credit union members for deposits. Each member at each credit union is insured up to $250,000. Community Oriented. As a financial institution in which all members share a common bond, credit unions tend to boast high community involvement. Credit unions are designed to help all members help each other. It seems only logical for those members to give back that philanthropic attitude to the rest of their community. Shared Income. Unlike banks, which share profits with shareholders, credit unions disburse profits to members via dividends. A credit union’s surplus income is a direct incentive for their members. Extensive Services. Credit unions focus on personalized services to encourage financially stablity. Just like banks, credit unions offer advanced services like mobile banking, to keep up with modern technology and an increasingly tech-savvy market. Credit unions offer services like: Free checking Direct deposit Financial counseling Access to a network of ATMs Overdraft protection New and used auto Loans Home equity loans Member business loan Mortgage loans Contact Us For more information about our unique services and how to join a credit union near you, contact the financial professionals of Valley Federal Credit Union at the Brownsville location at 956.546.3108. Related Articles 3 Major Signs It’s Time to Switch to a Credit UnionSwitching to a new bank can be a hassle. It takes time and effort to close an account at one institution and open a new one at another. The complicated process alone can be enough to make you avoid the idea altogether. But if you’re struggling with unnecessary fees and inconvenient banking, then it might...Read more ...Benefits of joining a credit unionIt’s not easy trusting others with your finances. Banks can often take advantage of you and charge you fees and high interest rates, and may not provide you a strong return on your investments. A credit union changes the perception you may have about banks. Unlike a traditional bank, federal credit unions make your best...Read more ...Four Credit Union MythsThe perks of being a credit union member are many. Consumers are catching on to the friendlier services offered by credit unions, like the no monthly fee checking account and low interest rates. It's no wonder that membership has jumped from less than 84 million in 2004 to over 93 million in 2012. Still, some...Read more ...Proposed Credit Union Tax Will Impact Low and Middle-Income AmericansSpecial interest groups believe credit unions should be taxed, but the nation’s 96 million members would most likely disagree. Lawmakers in Washington are hearing proposals to remove credit unions’ tax exempt status despite the economy having not yet fully recovered. What critics fail to realize is that if credit unions are taxed, a burden would...Read more ...Free Checking Becoming a Thing of the Past for Big BanksFree checking was once a standard offer from most large name banks only a few years ago. Some may still claim to provide “free” checking, but instead, they charge their customers an arm and a leg for overdrawing their account or using an ATM. It seems that customers nowadays are required to pay some sort...Read more ...Rewards of Credit UnionsCredit unions are very similar to banks at first glance. Both offer services such as credit cards, checking accounts, home equity loans, auto and other loans. Though this may seem like everything you need to manage your finances, there are more convenient customer services offered to members that will make managing your money more rewarding....Read more ...Investing With a Credit UnionMost people don’t really give much thought to credit unions. Some may ask how they differ from traditional banks such as Citi, Wells Fargo, or Chase. Credit unions are different from traditional banks in that they are not-for-profit organizations and their board consists of elected volunteers, which are also members. Money that is invested is...Read more ...Joining A Credit UnionAccount holders don’t typically see all the ways in which banks and credit unions differ. The biggest difference between banks and credit unions is that credit unions are cooperative financial institutions where loans and other services are offered through money provided by individuals for nonprofit. Credit unions add members who meet certain requirements and who...Read more ...Credit Union History: Beginning and PresentThe first credit union was established in Germany in the mid-1800s. Since the beginning, credit unions have operated on self-service principles in order to maintain democracy and equality among members and workers. Credit union pioneer, Hermann Schulze-Delitzsch, developed the bond of association to preserve these values of honesty and commonwealth, which is still currently present...Read more ...Credit Unions and The EconomyThe economy is a big political topic. There is a Senate Bill 2231 that will be presented to the Senate in the form of the Credit Union Small Business and Jobs Bill. The passing of this bill will help create 140,000 jobs and $13 billion in small business capital nationally, but it won’t cost taxpayers...Read more ...Facts About Credit UnionsSince corporate banks have been in the news lately, more often in a bad light, more people have been opting to leave their long-time relationships with large banks for more democratic banking with credit unions. With constantly changing monthly fees and uncertain account and loan rates, it’s no wonder credit unions are gaining more interest....Read more ...What exactly is a Credit Union?In the news and on TV, we often hear talk about credit unions. Though we seem to have a general understanding of what they are, there are much more to them than we hear. Credit unions are member-owned financial cooperatives. They are controlled entirely by their members and have board members as well. Members are...Read more ...Credit Unions and Your Money’s SafetyMost people would avoid walking around with large amounts of money in their pockets. The risk of losing it or getting robbed is just too much. Instead, people look to find safety for their money in a checking or savings account, yet there is still much confusion about a credit union’s ability to keep your...Read more ...Your Money Is Insured by the NCUAFederal credit unions are increasingly gaining popularity for offering attractive rates for loans and savings accounts along with free checking. Unlike banks, credit unions offer a variety of ways to alter your credit score, gain financial security and experience the cohesion of community interaction. Extensive member support has allowed credit unions to flourish in today’s...Read more ...NCUA Share Insurance: What’s Covered and What Isn’tThe National Credit Union Administration (NCUA) is composed of office members who serve and oversee credit union relations nationally. Three members hold full-time positions, serving six-year terms appointed by the President of the United States and confirmed by the Senate and titled the Agency Leadership. The association is responsible for upholding and maintaining rules and...Read more ...Federal Versus Privately Insured Credit UnionsFinding out whether your credit union is federally insured is simple. If your credit union is federally insured, it means your money is too. First, it is important to know who regulates your branch. All federal credit unions are regulated by the National Credit Union Administration (NCUA) and are easily spotted by their name, which...Read more ...
