The first key to understanding the advantage of credit union is to understand exactly how they work. Simply put these associations are nonprofit entities in the pool of funds from all client allows the union to provide fair deal loans and other services to its members. The goal is not to feed the bottom line but to create a place where qualified members can make their money work not only for themselves but also for all the other members of their group.
You got the power!
Perhaps one of the greatest features is the empowerment of the customer. Often each member is given voting rights within the company, allowing them to have a say in exactly how the business operates and how fund are distributed in lending procedures. In addition to giving the power back to the people in need of service, this encourages higher levels of customer service. Each individual who enters the building own a stake in the business and their opinions can actually affect the directions of the company.
Credit unions are often local businesses, allowing them much more freedom than chains of a major corporate entity. This allows for a much more individually tailored approach without wading through procedures and company policies. While big banks may have a prettier online program, there is no substitute for a truly individualized approach. You are much more likely to get your account and programs tailored specifically to your need at a nonprofit, customer-focused organization rather than a business designed to be duplicated across the country.
From money market investment to big loans to checking and savings accounts, credit union can provide all the core programs that a bank would offer. However, instead of having to wade through a sea of red tape and random fees, you are able to quickly make the shared pool of a capital work for you. If you are unsatisfied with the way your money has been handled, do your research: consider moving away from tradition and taking a look at what credit unions have to offer.