Helping People, Not Profits

If you’re unsure how credit unions differ from banks, you might assume they’re similarly propelled by profits. It seems reasonable that all financial institutions would worship the bottom line above all else!

But credit unions are actually non-profit organizations that put people first because they’re designed to do so. They are member-owned, and they function to serve their members’ interests first and foremost accordingly. 

Want to know how credit unions help people like you? Let us count the ways.

1.) Credit unions look out for the little guys...

the ones who are struggling to make ends meet, to improve their credit scores, and to get approval for the loans they need to get by in life. Credit unions empower the marginalized in the world by offering them membership in a financial family, and by giving them access to credit when no one else will. In summary, when all other doors are shut, the credit union’s doors are open. 

2.) Part of looking out for the little guys means offering affordable banking services to everyone.

When you entrust your hard-earned money to a credit union, you can count on inexpensive checking and savings accounts, debit cards with low fees, and low-interest credit cards, too. If your credit score is lower than you would like, the credit union’s low-cost approach to banking could help you build a better score over time by minimizing expenses and managing debt responsibly. 

3.) Credit unions can afford to offer loans at lower interest rates than other financial institutions, which means you can save money by securing mortgages or car loans.

This is possible because of their orientation in the world. While big banks exist to turn profits for their shareholders, credit unions pass their profits on to their members by offering lower interest rates than their banking counterparts.

4.) Credit unions position members to succeed financially by educating them about financial matters so they can make informed decisions about their money.

Since credit unions are owned by members, and those members make decisions about the credit union’s trajectory, this education also has the potential to positively impact the institution as a whole, too!

5.) Unlike big banks, which can make the little guy feel small, credit unions offer warm, personal service that reminds members that they belong.

Every member is treated as a VIP because every member is an owner of the institution and has a stake in its success. There is something magical about this relationship and the way it enriches even the most routine of visits!

6.) In times of crises, credit unions throw their struggling members lifelines in the forms of loan modifications, financial counseling services, waived fees, and more to help them stay afloat.

They are able to do this because a member-owned institution never loses sight of the importance of the individual—at the end of the day, every member matters. 

7.) Credit unions play a big part in supporting small businesses—the backbone of local communities.

By offering affordable small business loans and financial services, credit unions strengthen that backbone by helping entrepreneurs grow their businesses and create jobs. 

8.) Another way credit unions look beyond the bottom line is by supporting charitable causes that benefit the community.

When they organize community service events and volunteer resources and time to support local organizations, they put people first yet again. 

9.) Since credit unions are member-owned, they are only as secure as institutions if their members’ consumer rights and financial interests are secure, too.

For this reason, credit unions are also committed to advocating for consumer protection and consumer interests.

10.) Credit unions know their members do not live in a vacuum—they understand their interests are bound up in workplaces and communities.

When credit unions invest in local businesses and community infrastructure projects, they hope to benefit their members by improving the worlds they inhabit. These positive changes end up benefiting members and non-members in the community alike, and enhance the appeal of the credit union to prospective members.

Would you like to experience all of these benefits firsthand? If you are tired of banking at an institution that puts profits before people, Millstream Area Credit Union is ready to make a member out of you!

Stop by and visit us at one of our locations and we can answer any questions you have about credit unions, what it means to be a member, and how you stand to benefit from belonging. We are proud to help people every day—with you as one of our members, we will be positioned to help even more! Visit our website at millstreamcu.com