Why Should Someone Switch to a Credit Union?
By Patrick Harris
Director of Media and Public Relations
Ohio Credit Union League
800-486-2917, ext. 212
Eighty-six percent of Ohioans indicated they love their credit union, according to the Ohio Credit Union League’s 2014 Mid-Year Consumer Survey.
And as of June 2014, credit unions achieved a significant milestone by reaching 100 million members across the nation. According to Steve Rick, chief economist for CUNA Mutual Group, credit union memberships are now equal to 31 percent of the U.S. population.
“With the population growing less than one percent, the credit union membership-to-population ratio will continue to rise in the foreseeable future," said Rick.
So what is causing the significant shift to credit unions? What is the appeal of these not-for-profit financial institutions over banks?
Lower loan rates
Credit unions offer the same lending products and services as banks, but usually with more attractive rates.
Higher saving rates
Credit unions do not have to pay shareholders, which enables them to reward and attract members with higher rates on saving accounts.
With a not-for-profit status, earnings are returned to members through services like free ATMs and free checking accounts.
Many credit unions offer the same conveniences with mobile and/or online banking and easy nationwide access through the
Shared Branching Network
Commitment to service. Credit unions are local and organized solely to serve the interests of its membership and the community.
To learn more about the credit union difference or to find a credit union, visit: www.aSmarterChoice.org