When contemplating where to open a checking account, you are presented with a fundamental decision:
- Online financial institutions
- Credit Unions
Though both might catch your interest, there are compelling reasons to lean towards a credit union checking account.
Three Main Advantages
When you explore the idea of securing a credit union checking account (occasionally known as a share draft account), it’s essential to grasp the core distinction that sets credit unions apart. Unlike other online financial platforms that may focus on profit for their stakeholders, a credit union is a non-profit institution. The real stakeholders in a credit union? Its members.
This inherent difference manifests in a variety of ways, especially when we talk about checking accounts. The advantages of a credit union checking or savings account include:
- Better rates on loans
- Competitive rates for your savings account
- A tailored and highly personal approach to service
Remember, in the world of credit unions, as a member, you’re part-owner. In contrast, with other financial platforms, you might feel like just another account holder.
Embracing the Credit Union Difference
Wherever you might be, even in Montgomery, AL, opting for a credit union checking account is not only a savvy move but also a beneficial investment for both you and your family. At a credit union, you’re always recognized as a member – never just another number.
Federally insured by the NCUA and an Equal Opportunity Lender.
