There are many benefits to joining a credit union. If you are looking to switch financial institutions, in the market for a auto loan or mortgage, looking for financial perks or a family friendly atmosphere then a credit union may be for you. A credit union is a not-for-profit member owned financial cooperative. This means that credit unions offer loans with better rates and higher interest deposit accounts. When you become a member, you can open a savings and checking account as well as obtain loans and credit cards.

While belonging to a big financial institution has its perks, there are many benefits of a credit union that may have you thinking twice about switching over:

1. Lower Fees

Credit unions sometimes have lower fees than banks due to them being “not-for-profit”. Credit unions are able to reinvest their earnings back into their members which in turn decreases the amount of fees.

2. Great Rates on Loans and Accounts

In addition to offering lower fees, credit unions are known to offer great interest rates on loans and accounts such as savings and CDs. Many credit unions offer the same products as banks such as mortgages, car loans and credit cards with better rates.

3. Local

Credit unions often provide membership to a specific area. For example, Credit Union of Richmond’s membership is open to anyone who lives, works and worships or attends school in the Richmond Metropolitan Statistical Area. (These areas include: Amelia, Charles City, Chesterfield, Dinwiddie, Goochland, Hanover, Henrico, King William, King and Queen, New Kent, Powhatan, Prince George, Sussex, City of Richmond, Petersburg, Hopewell, Colonial Heights). If you live, work, worship, attend school or volunteer in any of these areas you can join.

4. Community

Since credit unions are member owned, they are community focused. Credit unions offer scholarships, sponsor events, participate in community service and more. Being a member at a credit union will help you fulfill your financial needs while being apart of your community. 

Switching to a credit union has many benefits for their members. If you are interested in a credit union and want to see if you are eligible for membership at Credit Union of Richmond, give us a call at 804-355-9684.

Convinced? Join today.

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