What Is a Credit Union?
Credit unions are financial institutions that are owned by their members and are not-for-profit. Since credit unions are not-for-profit institutions, their goal is to help their members instead of earning a profit for themselves. There are requirements you must meet to join a credit union and these requirements vary depending on the specific credit union.
Credit Union Versus a Bank
While credit unions and banks operate similarly, they have different goals. A bank’s priority is its shareholders, but at a credit union, our priority is you, the member. Banks consider you a customer after you open your account and deposit. On the other hand, when you deposit money into your credit union account, you become an owner-member. The money that you deposit into your credit union account is used for loans for other credit union members. The primary goal of a credit union is to help serve its members so they use the money that would have been a profit and instead use it to provide better rates on savings products, offer lower interest rates on loans, or offer lower fees. There are benefits of joining a credit union which we will further discuss.
The Best Credit Union in Chester County
There are many benefits to joining a credit union. Some examples of the advantages you will receive if you join one are a personalized service experience, higher interest rates for checking and savings accounts, lower fees, and lower interest rates on loans. Having a service experience that is personalized is beneficial because it gives you direct access to those who make decisions regarding your potential loans and other financial transactions. Credit unions have an elected board of directors made up of its members. This is what allows members to have more of a say in major financial decisions and create a more personable experience. Credit unions typically still charge some sort of fees, but they are much lower than you would find at a bank. Since credit unions do not take any sort of profit, the money that would be used as a profit is used to lower fees for its members.
Becoming a Member at BHCU
BHCU makes it easy for you to become a member. Becoming a member will provide you with savings, exceptional service, advice from our experienced members, and the ability to access exclusive products that will assist you with your financial goals. You can easily apply online today!
Why Join BHCU?
BHCU is committed to providing its members in Chester County with financial stability and protection while assisting them in meeting their financial goals. BHCU has always been committed to helping its members save by offering great rates and dividends, fair fees, and advice from our experienced staff. BHCU wants to make joining a credit union a personal, fair, and transparent experience for everyone. If you are looking for a highly rated credit union near me, give us a call at 610-595-2929. One of our employees will be glad to help you! Learn more about us by visiting our website. We would love to see you become a member at BHCU!