Top 5 Benefits of Using a Credit Union

See why using a credit union can help you reach a brighter financial future

In today's economy, getting a good deal isn't always as easy as it seems, and neither is making the right financial decisions. Want to stretch your hard-earned dollars as far as they can go? More and more savvy consumers are joining local credit unions in their fight to reach a brighter financial future. Here, you'll learn about the top benefits of credit unions and why more and more people are choosing credit unions over typical banks.

First, what is a credit union? Maybe people have misconceptions about credit unions, what they are, and how individuals can join. A credit union is simply a membership-owned financial co-op, designed to provide benefits to its members. Here are the top 5 benefits of using a credit union:

1. Better Rates: Member owned institutions aren't trying to improve a corporation's bottom line. They're nonprofits, and so obtaining the largest profit isn't the primary purpose. Returning value to their members, while retaining financial strength is. That means consistently higher yields on saving accounts, and lower rates and fees on loans of all kinds. Credit unions also typically can help consumers avoid the endless cycle of bank fees and hidden charges they have become accustomed to.

2. Local and Face-to-Face: With many banks these days, consumers feel unappreciated. They're just a faceless bank account worth a certain amount of money, with a credit score instead of a name. That's not the case with credit unions. Their focus is on their members, and providing them with high quality service and solutions, which means friendly and accessible interactions, and people who are invested in the financial health and success of the members.

3. Full Service: Don't fall into the trap that credit unions only offer limited features or services that banks provide. That's not the case. Find a credit union in the local area, and you will discover that they offer a full array of checking accounts, savings accounts, loans, credit cards, and much more, including a full suite of online financial services.

4. The Co-op Mentality: As already discussed, being cooperatives allow credit unions to offer better rates and better service. That co-op spirit and approach extends to all aspects of how the organization is run. It's all for the greater good, and surpluses and dividends are passed onto the members themselves. Simply put, earnings on your money should not be a tool for a commercial bank to improve its return to outside investors; earnings should stay where they belong, with you the consumer.

5. Open to All: Don't think of credit unions as some kind of exclusive club, either. They're open to everyone, usually defined by a common bond or community based with a well- defined geographical boundary, such as a county. If you are tired of being un-appreciated, search out a local credit union that fits your needs and begin enjoying a better banking experience. P.S. Just don't keep it a secret, share it with your family, friends and co-workers!

For individuals looking to find a credit union in Summit County, Ohio, look no further than BFG Federal Credit Union. Serving individuals who live, work, worship, attend school or volunteer in Summit County, Ohio and their immediate family and household members, BFG has a 78-year track record of excellent service and benefits for its members. Visit BFGFCU.org for more information.