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Benefits of Joining a Credit Union

Credit Unions can be a great alternative to traditional banks. Credit Unions have different business models and are not-for-profit –meaning they pass profits to the members, not bank shareholders. Credit Union Benefits include savings advantages, better member service, accessibility and more:

Higher Savings, Lower Loans

Credit unions generally have higher dividend rates on savings accounts and lower rates on loans. US News reported that the five-year loans for new cars at banks have an average interest rate of 4.88 percent, compared with 2.74 percent for credit unions.

Members are Owners

One of the major benefits of a credit union is that the members are also the owners of the company. The possible disconnect between shareholder and customer is never an issue. All decisions are made to benefit both the owners and the members.

You’re Insured

At PFCU, the members are insured to be protected in case any issue should come up. The National Credit Union Administration financially backs nearly every credit union to protect the members. We also offer additional coverage through Excess Share Insurance (ESI) so accounts are insured up to $500,000.

Credit Unions are Co-operative

Personal Touch

Credit unions are smaller and more localized than a bank, so the members are treated with a more personal touch. Concerns can be resolved with more time and detail given to each member.

Financial Literacy Programs

Another credit union benefit is the extra time and care that employees can put toward helping the member. Financial literacy programs help educate members on how to best control their finances and create wealth. There are also many resources such as a savings calculator and calculators for things like mortgages and investments. PFCU offers Clarifi financial counseling, where you can find tools, videos and personalized guidance to grow your finances. We even offer related events and classes.

Want to learn more? Call us today at 800-832-PFCU, Become a Member, or visit your local branch.

Don’t live in the Philadelphia or surrounding areas? Find a credit union in your area
Tom Flynn

I have been a customer for over 17 years.  PFCU has competitive rates, personable customer service, and your loan processes are very user friendly.   

Tom Flynn
Member since 1998

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