5 Things You May Not Know About Credit Unions
In this day and age, knowledge can open doors. With tools like Google search and AI options, knowledge is abundant. What you need to know is what questions to ask!
“Where should I do my banking” is a great question! When people think of banking, credit unions sometimes get overlooked. Perhaps it is because “bank” isn’t in the name! But that’s ok, because there’s more to it than that.
Ashland Community Credit Union (ACCU) is a community-focused financial institution where your membership opens up a world of opportunities, and it's easier to join than you might think.
Here are five questions you may be asking, and answers you need about things you may not know about credit unions, and why you should consider joining one, like ours, today:
What’s the difference?
Unlike banks, credit unions are owned by the members. This means that as a member, you’re not just a customer – you’re a part-owner! Every member has a say in how the credit union is run, no matter how much money you have on account. Profits are reinvested back into the credit union to improve services and offer better rates, instead of being given to shareholders.
Are credit unions competitive when it comes to interest rates and loans?
Credit unions like ACCU often offer lower loan rates and higher savings rates than traditional banks. Because credit unions are not-for-profit organizations, they can afford to pass along the financial benefits directly to their members. Whether you're looking for an auto loan, a debt consolidation loan, or just a savings account with a great interest rate, you’ll find that credit union rates are typically better for you. Here’s a link to the latest rates at Ashland Community Credit Union if you’d like to compare.
Is there a fee to join?
No. Never. Becoming a member at Ashland Community Credit Union is simple. All you need to do is open an account with a minimum deposit of just $25 in a share account to start enjoying all the benefits of credit union membership. This easy membership process allows you to access our fantastic financial products and services with minimal hassle.
Are Credit Unions Safe?
Just like banks, credit unions are federally insured. The Ashland Community Credit Union is insured by the National Credit Union Administration (NCUA), which means that deposits are protected up to $250,000 just like the FDIC insurance at banks. As a member of a NCUA insured credit union, you can rest assured that your money is safe and secure.
Can I use an ATM?
Sure! Even though credit unions are local, many offer access to a nationwide network of ATMs and shared branches. Some offer access with fees, but it’s more than made up for in the depth of relationship and better rates you’ll enjoy as a member.
So...are you ready to Join?
If you’re looking for a financial institution that’s community-centered, offers great rates, and values YOU as a member, Ashland Community Credit Union is the perfect choice. Remember, all it takes to become a member is opening an account with a low minimum deposit. Start enjoying the many benefits of credit union membership today!
