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Members Only - Credit Union Perks

June 26th marked the 88th anniversary of the Federal Credit Union Act, signed into law by President Franklin D. Roosevelt during the Great Depression on June 26, 1934.
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[This article was originally published by Morning Brew]

The Act was designed to give Americans more access to credit through a community-based approach. But do credit unions still benefit their customers and the places they serve today? And should you join one?

Credit unions are owned by their members, not shareholders. So instead of share buybacks and dividends, members get better interest rates on loans and savings, along with lower fees. Members also get access to many of the same day-to-day products you’ll find at a major bank—like checking and savings accounts (though they may be called something different), mortgages, auto loans, and credit cards.

There are so many perks to credit union membership. Similar to FDIC insurance, deposits of up to $250,000 are federally insured by the National Credit Union Administration in the event that the credit union fails. Credit unions are also just plain nicer, and members, on average, report higher satisfaction than bank customers. Because members are owners, they also get to vote on credit union decisions, like who’s on the board. And credit unions can have a powerful impact on communities—from offering payday loan alternatives to hosting financial literacy seminars.

When you’re shopping around, check to see if your dream credit union has membership restrictions (which could be based on things like your employment status, residency status, veteran status, and more). Luckily, there are credit unions that will accept almost anyone like an ex looking for a rebound. You’ll just usually need to make a donation, pay a fee, or make an initial deposit of $25 or less to make it official.

We hope that as YOUR Credit Union we provide you with all the products and services you need, and give you a place you can have strong personal relationships! Every decision we make is with our members' interests in mind. We know Wyoming, and we’re here for you. We focus on the values and products that our members need and want.
We're with you!