Credit Unions VS. Banks
Credit unions are similar to traditional banks in the sense that both institutions offer financial products to customers. Credit union members, like bank customers, have access to everyday and savings accounts, loan products, and credit cards. Instead of working for profit, credit unions work for you.
Credit unions are member-owned, not-for-profit financial cooperatives, which means it is owned and operated by its members, as opposed to being owned by its stockholders like a bank. Banks and other financial institutions are for-profit organisations that operate for the benefit of shareholders, while credit unions split profits among their members through dividends.
Since credit unions operate as non-profits, they can offer higher interest rates on savings accounts and lower interest rates on loan products and credit cards.
Because of this ownership structure, potential members have to meet membership requirements that vary depending on the credit union’s objective.
Advantages of a Credit Union
Credit Unions have a lot to offer over a regular bank:
- Higher saving interest rates
- Lower loan & credit card rates
- Lower fees
- Customer focused banking
- Better service
- More flexibility
- Fewer complications
- You (our members) own your credit union
- Services are designed to meet your needs and help you reach your financial goals
- We’re working for you by operating in a disciplined and prudent manner to build economic strength
- We take a thrifty approach, help you to make sound financial decisions and encourage you to succeed
- We’re committed to contributing to the social, economic and environmental well-being of the community at large, by reinvesting resources and financial support where it is needed and valued the most
- You have a voice in everything we do and how we do it
Find out more
Contact us https://nzcuemployees.co.nz/contact-us/
Join NZCU https://nzcuemployees.co.nz/join-nzcu/