Credit Unions on the rise

In the past few years credit unions have been on the rise. Likely the greatest reason for this is a member services focused culture. Unlike banks that aim to make a profit from their customers, credit unions focus on providing a beneficial service because instead of customers credit unions have members. Moreover credit unions maintain a non-profit status and are able to pass the income tax exemption savings on to their members. This comes in the form of better interest rates for savings and checking accounts, as well as reimbursement for ATM fees. Recently the credit union growth has ceased as many have merged leading to an increase in available assets at the newly formed credit unions.

Banks often are massive corporations with specific quotas that they have to meet. Credit union members are safe from a corporate financial agenda and are participating in an important community experience.

>>Here is a great video about the history of Credit Unions.

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