There are several different types of financial institutions available to people. Some examples are retail and commercial banks, internet banks, brokerage firms, insurance companies, and local credit unions. A credit union has all of the services of a traditional bank, only it is owned and operated by its members and is a not-for-profit organization. BHCU is led by a group of volunteer Board of Directors, who are all members of BHCU and utilize our services just like you. We do not service the general public like traditional banks, we only worry about serving our members. All generated revenue is put towards benefiting our members in the form of annual dividends, quality product offerings, low fees, great rates, and exceptional service. 

Benefits of Local Credit Union Membership

Because credit unions are nonprofit organizations and only answer to their members, they have the advantage of providing better services for their customers. This results in many benefits for you if you belong to a local credit union for your banking.

Personalized Customer Service

Credit unions can provide personalized service to their members. Because they are not-for-profit organizations, they can focus on what is best for the customer, even offering training and counseling to help educate their members on complex financial matters. 

Higher Interest Rates on Savings

Unlike traditional for-profit banks, credit unions offer higher interest rates on savings accounts to benefit their members.

Lower Fees and Loan Rates

Another benefit of not being for-profit is that credit unions are able to offer lower fees and much lower interest rates to their members.

Community Focus

A local credit union usually has membership requirements and is made up of people that live in the same region, have similar interests, and work or live closely together. When you are part of a credit union, you are helping your neighbors and your neighbors are helping you. 

Voting Rights

Because credit unions are owned and run by their members, you get a vote on important business decisions, including the selection of board members. 

Variety of Services

Just because credit unions are smaller than traditional banks, does not mean that the service offers are any smaller. Most local credit unions still offer the same personal loans, mortgage loans, home equity loans, auto loans, student loans, business loans, credit cards, financial planning services, and insurance with the same electronic banking, mobile banking, and ATM access.

BHCU – Swarthmore’s Local Credit Union

When you are searching for the best financial fit for you, choose an institution that is going to work for you and to your benefit. BHCU provides unmatched customer service, unbeatable loan rates, and customized services to fit all your needs. We go above and beyond for all of our members, offering competitive loan rates and terms, checking and savings accounts, identity theft protection, ATM and debit cards, Youth iSAVE Accounts, financial planning, and insurance. BHCU is committed to helping our members achieve financial independence and giving back to the community. To learn more about the BHCU Member experience and to join the BHCU family, call 610-595-2929 today!