What is a Credit Union?

A credit union is not a place where you can turn in your credit card and get money. If only it were that easy. A credit union is a bank that works different from the big banks in the world today. Instead of being filled with seedy folks who just want to make money from your money, this is a banking institution that works together to make sure you’re getting the best deal possible. They’re trying to make sure that you get the most out of your money.

What Do Credit Unions Provide?

When you walk into a credit union, people aren’t going to be wearing tie dyed shirts (well, not the clerks, anyway) and they’re not going to be touting world peace. What you will notice is that you don’t have the high fees that you have at other banks and you can still apply for loans, store your money, setup a business account, set up a Health Savings Account, and more. The banking is the same, from your point of view.

Behind the scenes at the credit union, instead of having bigwigs appointed to their positions, you have a say in who is on the board of directions at your credit union. You are a member of the bank and as such, you get to say what you think, why you think it, etc. You aren’t just someone who has money to store in the vault. You’re someone who is listened to.

The Credit Union Difference

As you are signing up for a new account at a credit union, you might see that the names of the accounts you sign up for are different than you might be used to.

• Share accounts are savings accounts
• Share draft accounts are checking accounts
• Share term certificates are certificates of deposit

Everyone gets to share in the benefits at a credit union. This is not a place where the one with the most money wins. That’s just out in the real world.

Who Should Sign Up?

If you want to save money on your credit and your loans, a credit union might be a good option for you. They control their own interest rates and they allow for a democratic system of leadership. Sounds like a pretty good deal. If you want to make sure that the federal government insures your money, then sticking with a traditional bank is the right choice for you. In any case, credit union or not, the more money you can save, the better for your bottom line.

The credit union is waiting to accept your money today. Well, share your money with others who are looking for a banking experience that doesn’t make their skin crawl.