I remember the first time I heard of a credit union, I was a freshman in college looking for a place to put my ever depleting cash flow into. I asked my friends more about the Illini Credit Union, but sadly, no one really knew much about it because we were young, uninformed and very poor college students.
Fast forward a few years, now I’m more aware of the difference between a credit union vs a big bank. Being the person who loves local shops, credit union is a great example of the shopping local trend, except that it is a place where you can deposit your money into.
Credit unions, for all intensive purposes, is a community based bank where their goal serve the community through its financial nature. It is own and operated its members; aka those who have accounts in the credit union. The money placed in the credit union is redistributed into the community through loans & investments. The profits of those investments are then returned to the members, something that the average person doesn’t see from the big banks.
However, the most important thing is that credit unions put you first. If you’re the person who likes to shop local & keep things local, credit unions are the ideal places for you. It is owned/operated by you and all the investments are put back into the local community. As the community grows, the credit union continues it investments in new parts of the community or continues the growth. It all depends on what you, the credit union member, dictates.
Want to learn more? Click here to find out credit union are the change that community needs, and not big banks.
This post is sponsored by Make Your Money Matter, in association with PSCU, though all views expressed are my own.