NEW YORK (3/22/16)--Switching to a credit union from a bank can be a formidable task, but personal finance website DailyWorth noted the many ways consumers can benefit from such a move.
Two New York credit unions--Brooklyn Cooperative FCU and Municipal CU--emphasized the cooperative, community-focused business model that differentiates credit unions from other financial institutions.
Because the money credit unions make goes back to members in the form of loans, it’s reinvested in the community--compared with big banks that send profits to stockholders. “It’s kind of like buying at a local clothing store instead of buying at a national chain,” said Michael Mattone, Municipal CU assistant vice president of public relations and corporate communications.
The website, which focuses on financial and career insights for women, included credit union statistics provided by Zan McElway, deputy chief strategic communications officer for the Credit Union National Association, and it directed readers to aSmarterChoice.org to find a credit union to join.
Credit union membership benefits include member dividends, higher interest rates on savings, lower rates on loans, no or low fees, shared branching and surcharge-free ATM networks.
“It might take some effort, but moving from a big bank to a credit union is one step you can take to improve you own financial situation as well as your community,” writer Liz Pelly noted.