March 28, 2010
This last week credit unions have received multiple positive media reviews concerning issues like growth, member business loans, credit card rates, benefits of credit unions and more. Many are saying the only difference between credit unions and banks is who owns them. Your local credit union's structure is based upon member satisfaction and they only operate on the benefit of the account holder.
Credit Union Seen for Ease and Benefits - Growing Rapidly
For many reasons, one being major tax differences, credit unions are able to cut fees and offer better loan rates that other banks would need in order to turn a profit. This one difference is the key to credit unions ability to offer every kind of service the consumer that a bank can. While banks are run by outside investors using deposited funds to loan to other people at an interest rate for a profit, credit unions are actually not-for-profit operations owned and operated by the people who belong to them. When profit is made on interest, it is reinvested in its members in the form of higher savings rates or lower loan rates.
The benefits of a credit union over a bank don't just end financially. Credit unions are built on the philosophy of community building. As an example of nondiscriminatory business practices, credit unions began in the 1840s in England to help community members when banks would not give them any notice because they weren't wealthy enough.
If you're one who is interested in banking ease, Financial Center (FCFCU) is an Indianapolis credit union built on your success. With great rates on Health Savings Account Plans, insurance and investment opportunities, loans and credit, and convenient fast banking, FCFCU is an excellent alternative to your current bank.
If you're ready to join the ranks of the 85 million credit union members nationally, consider making the shift to Financial Center of Indianapolis.