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5 Reasons Millennials Should Switch to Credit Unions

Our generation doesn’t trust financial institutions; we have a hard time trusting anyone when it comes to our finances. You don’t need to feel like big banks are the only option, below are a few reasons why you might want to open your next account at a credit union!

  1. You Are an Owner: When you become a member you own a portion of the credit union. In short, this means the money you earn in your account doesn’t go to the institution, it goes back to you, the owner. You control your money, instead of putting it into the hands of board members who have other interests.

  2. Credit Union’s are Not-For-Profit Institutions: Your account will probably have no monthly service fees and your money will help your local community through donations to charities and loans to your neighbors. Though there are fees associated with some services your local credit union provides, those fees go mostly to third party vendors or to staff performing those services.

  3. They Provide Competitive Loan Rates: When shopping for big purchases credit unions offer more competitive loan rates compared to their big bank competitors. This can help you get what you want, while keeping your budget intact.

  4. Customer Service Champions: They know your name and make you feel as if you are talking to a real person, who is there to help, not just a robot with sales goals. The employees care about their members and are always happy to help.

  5. Credit Unions are About Financial Education: Credit unions have many different educational tools for their members including links on their website, posts on their blog, and seminars to help educate their members on more complex topics.

These are just my top 5 reasons I choose to bank at a credit union. We’d love to hear your reasons why you think credit unions are the best financial institutions. Leave us a comment below!

– Rachel

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