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Credit Union Advantages

What’s the main difference between credit unions and banks?

At credit unions, you’re not treated differently depending on the size of your bank account, your age or your credit history. Every member becomes a shareholder – that means equal share, equal vote and equal say. Credit unions are member focused and community minded.

Do credit unions offer the same products as banks?

Absolutely. Credit unions are proud to offer exceptional personalized services and competitive interest rates along with a wide range of financial products designed to complement a variety of member needs. These products include checking and savings accounts, credit cards, ATM cards, student loans, mortgages, investment products, financial planning and much more.

What are the benefits of joining a credit union?

When you join a credit union, you become a member and an owner. You’re more important than the size of your wallet, and your voice counts. As an automatic shareholder, you get a say in how things are run and where your money goes. You can even run for a position on the board of directors. 

Friendly, personable customer service is another distinguishing characteristic of credit unions, which routinely rate higher than banks in customer service and satisfaction surveys.

In addition, as a member-owned and -operated cooperative, a credit union is different from other financial institutions. After operating expenses and reserve requirements are met, income is returned to all members in the form of dividends and comprehensive financial services. That translates into lower loan and higher savings interest rates for you!

Is my money secure with a credit union?

Credit union members in South Carolina never have to worry about the safety of their savings deposits. All 81 credit unions in South Carolina carry federal insurance from the National Credit Union Administration (NCUA) covering member deposits up to at least $250,000.

Why Choose a Credit Union?

Credit unions are like banks, only better

Many of the Young & Free Spokespeople have created videos showing how credit unions are like banks, only better!

Difference Part 1
Larissa from Alberta		 Difference Part 2
Larissa from Alberta
 Difference Part 3
Larissa from Alberta
CU Romance
Y&F Spokespeople		 Don't Stop Learning
Y&F Spokespeople
 Tha Way 2 B
Y&F Spokespeople
Banks vs. Credit Unions
Y&F Spokespeople		 Young & Free Musical
Chris from Alabama		 Comparisons
Josh from South Carolina

What's the difference?

Global  Credit unions are member-owned financial cooperatives that provide savings, credit and other financial services to their members. Credit union membership is based on a common bond, a linkage shared by savers and borrowers who belong to a specific community, organization, religion or place of employment. Credit unions pool their members' savings deposits and shares to finance their own loan portfolios rather than rely on outside capital. Members benefit from higher returns on savings, lower rates on loans and fewer fees, on average.

Credit unions worldwide offer members from all walks of life much more than financial services. They provide members the chance to own their own financial institution and help them create opportunities such as starting small businesses, growing farms, building family homes and educating their children.

Regardless of account size in the credit union, each member may run for the volunteer board of directors and cast a vote in elections. In some countries, members encounter their first taste of democratic decision making through their credit unions.

National  Credit unions are known for member service and compassion. Individual credit unions are part of a national system of credit unions that share a common philosophy of member ownership. The Credit Union National Association is an organization dedicated to helping Americans understand the value of credit unions.

Local  Community building and helping people are two of the guiding principles that make credit unions unique. Credit unions help build lives, not just bank accounts. This commitment goes beyond simply investing dollars. In addition to donations and sponsorships, credit unions support charitable organizations, service clubs and community groups through employee fundraising and volunteerism.