Credit Unions vs Banks
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Is a bank or credit union better? These days that is a very common question.
From wondering if credit unions are safe to if it’s easier to get a loan from a credit union or bank, there are a lot of questions about the difference between a bank and a credit union.
A credit union offers many of the same products and services of a bank. Let’s take a look at the advantages of a credit union over a bank.
Credit unions vs banks
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What are the advantages of a credit union?
Credit unions are owned by you, the member.
This means that credit unions typically offer better rates, lower fees, no-stress services and outstanding support, because you own the place.
There are seven principles of a credit union built around the philosophy of people helping people.
Because credit unions are not-for-profit, earnings are paid back to you, the member, through better savings rates and lower loan rates.
Are credit unions safer than banks?
When it comes to whether your money is safe at a credit union or bank, the answer is – Yes, your deposits are just as safe.
Numerica is federally insured by the National Credit Union Administration (NCUA) and is backed by the full faith and credit of the US government. Both NCUA and FDIC (federal insurance given to banks) provide up to $250,000 of coverage per depositor.
Is it easier to get a loan from a credit union?
Lending decisions are made locally and on a case-by-case basis. Because Numerica makes our decisions for financing locally, it means a quicker turnaround versus trying to beat an East Coast timeline.
How easy is it to get my money from a credit union?
We work together to provide our members access to tens of thousands of ATMs. Credit unions are increasingly convenient on a national scale.
As a Numerica member you can use one of 30,000 CO-OP ATMs to make deposits and withdrawals. With CO-OP power you have less transaction fees. If you are a Numerica member with accounts at another credit union, if you have your ATM/debit cards from both credit unions, you can withdraw funds from one account, and deposit into the other.
Come experience the credit union difference!