Money Minutes | General Electric Credit Union Blog | Financial Resources

4 Reasons to Join a Credit Union

Nov 19, 2020 | 3 minute read

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So, you want to put your money somewhere … but you aren’t quite sure where that is yet. Banks … credit unions … under the mattress (just kidding) … There’s a lot to consider before opening an account or signing on the dotted line—here are four reasons why a credit union should be at the top of your list:

1. The Credit Union Community

The biggest difference between banks and credit unions (the two largest financial institution options) is that banks are for-profit enterprises, while credit unions are not-for-profit. At their core, credit unions exist to serve a community of people connected by a “bond of association,” which often is based on location, employer, faith, or other factors.

Additionally, because they’re focused on their members, credit unions are known for doing things for the people in their communities. Whether it’s giving scholarships to college students, volunteering with local organizations, sponsoring little league teams or chipping in with fundraisers, you won’t see this as much from a big corporate bank.

 

 

 

 

 

 

 

 

 

2. Lower Fees and Higher Savings Interest Rates

Credit unions provide financial products and services just like those at banks. The difference? Fees and loan rates are generally lower and saving interest rates are often higher at credit unions. It may not seem like a big deal, but as loans work toward maturity or savings accounts build up over time, the rate could be the difference between playing miniature golf or the back nine at Pebble Beach. Deeper discounts while serving in the best interest of a community of members? Sign us up.

3. Financial Literary Resources

Not sure where to start when it comes to your financial roadmap? Many credit unions offer financial education courses, counseling, or even coaching. They’re looking out for your best interest and want to help your money grow. Having a resource like this on your side can be of great assistance as you hit various milestones in your financial journey.

4. Technology Benefits at Your Disposal

Oh, and if you think credit unions aren't as high tech as big banks, think again! Many of them offer the same 24/7 mobile banking options, online bill pay, and more—the same digital tools many national banks have. Interactive Teller Machines (ITMs) are becoming more popular, too. Part personal teller, part ATM, this enhanced combination offers even more ways to connect with your money.

 

 

 

 

 

 

 

 

 

Why Choose General Electric Credit Union

At General Electric Credit Union, being a member means more than just better banking—it means being part of a community with access to solid financial solutions that put YOU first. It’s easy to join, as membership is open to anyone in Greater Cincinnati. You’ll find GECU consistently offers area-leading deposit and loan rates, has lower fees than banks, provides robust digital tools and access to 57,500+ free ATMS across the country.

 

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Membership eligibility required; see our Membership & Eligibility page for full details.