Credit unions vs. banks
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Is a credit union or bank a better spot for your money? Is one safer than the other? Is it easier to get a loan at a credit union or a bank?
Questions like these are common. The truth is that credit unions offer many of the same products and services as a bank. Let’s take a look at advantages credit unions bring to the table.
Credit unions vs. banks
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What are the advantages of a credit union?
Credit unions are owned by you, the member.
This means credit unions typically offer better rates, lower fees, no-stress services, and outstanding support. After all, you own the place.
There are seven principles of a credit union built around the philosophy of people helping people.
Because credit unions are not-for-profit, earnings are paid back to you, the member, through better savings rates and lower loan rates.
Are credit unions safer than banks?
Numerica prioritizes 3 main factors to keep your money safe.
In addition, your deposits are set up with the same level of protection at a credit union as they are at a bank. Numerica is federally insured by the National Credit Union Administration (NCUA) and is backed by the full faith and credit of the U.S. government. Both NCUA and FDIC (the federal insurance given to banks) provide $250,000 of standard protection. (Note: This protection can grow depending on how you structure your accounts.)
How are lending decisions different at a credit union?
At Numerica, lending decisions are made locally and on a case-by-case basis. Because we make our decisions for financing locally, it means a quicker turnaround versus trying to beat an East Coast timeline.
How easy is it to get my money from a credit union?
We work together to provide our members access to tens of thousands of ATMs. Credit unions are increasingly convenient on a national scale.
As a Numerica member you can use one of 30,000 CO-OP ATMs to make deposits and withdrawals. With CO-OP power you have fewer transaction fees.
Come experience the credit union difference!
