A credit union is a not-for-profit, member-owned financial cooperative. As member-owned and cooperative institutions, credit unions provide a safe place to save and borrow at reasonable rates. Credit unions also offer higher interest rates on deposits, lower rates on loans, and lower fees.
Unlike banks, credit unions do not have stockholders who focus on profits. At TruMark Financial, the focus is on its members. There are no stockholders waiting to hear the end-of-year report to learn if they received a return on their investment. With a bank, you are simply a customer.
At TruMark Financial, members are the heart and soul of the credit union. Its core purpose is to help members reach their financial well-being. Early on, members realize “Member banking is better banking.”®
Lower Fees
Typically, banks make money by charging high fees. The fees associated with a credit union tend to be lower than that of a bank. You’ll usually find monthly service fees, overdraft fees, and even loan origination fees are better. The lower fee structure means you can save money by banking at a credit union.
Full menu of products and services
Credit unions offer credit cards, auto loans, personal loans, home equity lines of credit, and mortgages. You’ll find the rates are usually lower than a bank. At the same time, savings, checking, money markets, and certificate products often earn higher rates than banks offer.
Credit unions are not focused on making a profit, but instead want to cover operating costs. Therefore, they are able to pass on better interest rates to their members.
ATMs
If you are concerned about limited ATM locations, there’s no need to worry. Many credit unions participate in a shared branching network, a national and international network of credit unions which allows members of other credit unions to use their branches to conduct basic teller transactions. The shared branching network currently consists of more than 5,000 locations nationwide.
Learn more about the advantages of being a TruMark Financial member at www.trumarkonline.org.
