Why Choose a Credit Union Over a Bank?

Who are you trusting to handle your hard-earned money? You may have said JP Morgan, Bank of America, Wells Fargo, or another for-profit bank. These big banks are serving investors, not depositors (aka you)! The main asset a bank needs is trust, how can you trust a for-profit bank if their main priority is themselves? So, why choose a credit union over a bank?

Banks are facing intense pressure from investors to grow profits quarter after quarter and because of this, your bank is more than likely charging you numerous hidden fees that you are unaware of. If you are tired of having limited control over your money then you should consider switching to a credit union like True Sky Credit Union. We are a nonprofit credit union that is here specifically to serve you.  

What is a Credit Union? 

So what is a credit union? A credit union is a not-for-profit and member-owned financial institution. Instead of being owned by stockholders and investors, credit unions are owned by their members. People like you and me own and govern the exact place where we keep our money. Instead of paying stockholders dividends, profits are returned to members in the form of better rates and fees. 

Don’t worry, you are not losing anything by switching to a credit union. We offer the same things as a bank like savings accounts, checking accounts, credit cards, auto loans, mortgages, home equity products, personal loans, and more.

Amazing Customer Service

How long does it take for your bank to get a simple question answered? I bet when you call your local bank you are connected with an automated voice machine from headquarters that doesn’t even have the category option you need OR you are ordered to press a number, then sit on hold for several minutes to only then be connected with someone who has to transfer you to someone else. Basically, it takes forever to talk to a real person who can answer your simple question. 

I can not stand to sit on hold for hours when I have a very busy schedule. If you are anything like me, switching to a credit union will make life easier! Credit unions provide easy-to-use services and real, live human beings who can answer questions, make recommendations and help you understand the complicated world of finance.

Lending For You

Interest rates … Yep, let’s talk about the one thing we all hate about loans. For-profit banks have a strategic formula on how much interest they decide to charge you, and trust me it will be in favor of them, not you. They will look at your income, the lower your income the less amount of loan they will offer to lend you. Then they’ll look at your credit score, the lower your credit score, the higher your interest rate will be. You will end up paying more in interest than the amount of your loan. There is ultimately no room for flexibility when it comes to lending from banks.

 

However, the purpose of a credit union is to help you! Because credit unions do not have to pay federal income tax, they are able to put their profits back into the credit union. Interest rates tend to be a lot lower on loans, there are fewer fees, and they will work with you and your financial situations! This is a big reason why choose a credit union over a bank.

Save Your Money

At credit unions, the members are entitled to profits instead of money hungry stockholders running your pockets dry. Yes, members pay for services, but since you get dividends back there is no reason to charge sky rocket prices. You are able to make and save more money by using a credit union rather than a bank because they offer lower interest rates on loans and higher interest rates on savings accounts and CDs. It is a win-win for everyone!

Why Choose True Sky Credit Union?

So now you know why choose a credit union over a bank. Here at True Sky Credit Union we strive to serve, empower and enrich our members and communities. We work for our members by carefully handling their money and not charging an arm and a leg in fees and interest rates. A portion of the profits made go back to our members in dividends and to the surrounding community. As a member of True Sky CU, you are part owner and your voice matters! We provide phenomenal customer service, financial education, loans fit for you, and so much more. We want to help make our community a better place. If you need any advice about home buying, making a budget or using credit responsibly, we are happy to help! 

 

Visit any branch to open an account, send us an email for more information or give us a call. Still on the fence about if True Sky is the right fit for you? Feel free to explore our website, or stop by in person at one of our 12 locations to talk about the best financial route for you!

 

Phone

405-682-1990

 

Email

[email protected]

 

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