Understanding the Difference between Credit Unions and Banks

Understanding the Difference between Credit Unions and Banks

In today’s financial landscape, individuals have various options when it comes to managing their money. Two popular choices are credit unions and banks. While both institutions offer similar services, there are distinct differences between the two.

Membership
Unlike banks, credit unions are community based and accept members instead of customers. As a member of a credit union, there are often additional benefits such as discounts for online shopping, new vehicles and registration, tickets to amusement parks and more. Some benefits that members have at UNCLE Credit Union are discounts for TurboTax or H&R Block during tax season, discounted tickets to shows at local theaters, vacation packages, and vehicle registration.

Community Involvement
Credit unions live by the mantra “people helping people,” which is why many credit unions focus heavily on community invovement and social responsibility. UNCLE Credit Union offers volunteer time off paid hours to each of its employees to contribute community service hours to its local communities. Furthermore, UNCLE celebrates its social responsbility through local sponsorships and opportunities to help build and grow a stronger communities.

Better Rates & Offers
Because all credit unions operate as not-for-profit, the money that comes in is lended back to the members which allows credit unions to offer lower rates and pay higher yields. This also allows for credit unions to offer different products than some traditional banks, such as auto and mortgage loans and home equity lines of credit.

Are you ready to experience the credit union different? Join UNCLE Credit Union today! Becoming a member is simple–anyone living, working, going to school or worshipping in any of the four counties we serve is eligible to become a member. Learn more at www.unclecu.org/membership.