Top Benefits of Being a Credit Union Member

You’ve probably heard of a credit union and maybe even thought about joining. If you haven’t made the dive into the credit union movement yet, we only have one question for you; why not? In this article, we’ll take a look at some of the biggest advantages of being a credit union member that will surely make your decision to join a bit easier!

Superior Customer Service

To kick things off, let’s take a look at one of the most important aspects for consumers, customer service. When it comes to this, many customer satisfaction surveys conducted among credit unions show they are consistently outperforming banks. For instance, Consumer Reports discovered that 96% of credit union members were "very happy" with their credit union. Since credit union members are also its owners, these organizations are intensely focused on delivering customer care at a level that not every bank is eager or capable of matching.

Better Rates

Credit unions often provide some of the lowest interest rates on services, including auto loans, mortgages, and lines of credit. They also frequently provide fee-free checking and savings accounts without demanding a large minimum balance. Since credit unions aren't obligated to pay profits to shareholders as banks do, they can typically pass the profits on to their members in the form of increased dividends and interest on savings accounts and CDs and reduced interest rates on loans.

Community Focus

A credit union usually consists of members with a common interest, such as practicing in the same profession, belonging to the same religious organization, or residing in the same area. As a result, credit unions are frequently regarded as more community-oriented.

A credit union's members vote to elect a volunteer board of directors to direct the credit union. Since the board is typically made up of members who also do their banking at the credit union, the board's focus is on servicing the needs of their community rather than generating profit for outside investors.

MCWV FCU, for example, provides scholarships, sponsors non-profit organizational events, hosts our own events, and much more each year.

Inclusion and Diversity Support

Credit unions have a significant focus on support for diversity and inclusion, maybe because they are so community-oriented, with local links in places that would otherwise be underserved by traditional banks.

For example, when compared to banks, credit unions have more than ten times as many female CEOs. Credit unions are also more likely than banks to be Minority Depository Institutions (MDIs); credit union MDIs outnumber bank MDIs by more than three to one.

Many businesses express their commitment to diversity and inclusion. Credit unions make it a part of their daily work to meet the financial needs of various populations.

Security for Member Funds

All federal credit unions and most state credit unions are insured by the National Credit Union Administration (NCUA). The NCUA guarantees up to $250,000 per share owner, each insured credit union, and for each account ownership category if the credit union closes or goes into conservatorship. Basically saying, your deposits are well protected. To see if a credit union is insured by the NCUA, check their website. NCUA-insured credit unions should always clearly display their insurance status on signage in their locations.

Various Service Offers

Just because a credit union is smaller than a bank does not mean it provides fewer services. Credit unions frequently provide consumer loans, shared branches with other credit unions, electronic banking, ATMs, home equity loans, mortgage loans, vehicle loans, member business loans, credit cards, overdraft protection, and other services in addition to financial education.

Of course, some credit unions may not provide as many goods and services as other financial organizations, but they often serve a wide range of banking needs.

Interested in Joining A Credit Union? 

Ready to become a credit union member? Join us at Members Choice West Virginia Federal Credit Union this year and learn what it means to be a part of the credit union movement.

As a not-for-profit organization, our mission is to provide you with quality financial products and services, including great, low loan rates and terms, different account types to fit your needs, and more. Not only that, but as a member, you’re also an owner of the credit union and will always have voting rights, receive dividends, and be part of the support given to your community.

To apply, visit us at 201 Ohio Avenue in Charleston or submit your application online here: memberschoicewv.com/personal-account-application

Restrictions may apply.