Why is a Credit Union For You?

It’s personal. At a credit union, you’re a member, not a number. You own a share of the credit union. So you get a vote, a say in how the credit union is run—and the kind of personal service that owners deserve.

It’s financially smart. According to the Credit Union National Association, “Credit unions generally provide financial benefits to members through lower loan rates, high saving rates, and fewer fees than banking institutions.” For example, financing a new $25,000 car for 60 months at a New York credit union results in average savings of $236 a year over what you’d pay at a bank. How can credit unions do this? Because they’re not-for-profit—so their number one concern is helping the people they serve.

It’s better—and there’s proof:

According to Gallup surveys, credit unions have outranked banks, thrifts and other providers in customer satisfaction for 21 straight years.
Forrester Research, a respected market research firm, asked people to rate their financial institution on value delivered and service provided. Credit unions made the top tier for both.
In its annual branch customer satisfaction survey, Informa Research Services found that credit unions score highest for satisfaction and customer loyalty.

It’s good for your community. Studies state that credit unions employ more than 9,000 people and indirectly support another 21,000 jobs in New York State. Their total impact on the gross state product is $4.5 billion. Just as important, the money you put in your credit union stays local, benefiting your community through loans. Credit unions are also legendary for supporting their communities through generous sponsorships and volunteerism.

It empowers you to make a difference. As a member, you can volunteer to serve on the Board of Directors, the Supervisory Committee (which audits the credit union’s books) or in other capacities. That enables you to give back to your credit union and become a driving force in its growth.

To find out more about credit unions, visit our press room.