Don’t Settle for Less: Credit Unions Provide Big Banking Benefits with a Personal Touch

When it comes to banking, you have a choice between credit unions and banks. Where you decide to put your money is essential to your financial health. While both provide products and services to meet your financial needs and goals, there are reasons why a credit union may be the best option for you.

Here is an overview of what each financial institution can provide to help you decide where your money will work harder for you.

	Credit Unions	Big Banks
Focus	Credit unions are member-focused, not-for-profit cooperatives	Big banks are investor-focused, for-profit organizations.
Ownership	Credit unions are community-based and owned by a board of members, where every member gets a vote, while banks are owned and influenced by stockholders.	Big banks answer to shareholders (usually private investors), corporations, SMEs, and individuals with affluent backgrounds.
Products and Services	Credit unions are local, provide white-glove member-exclusive benefits and perks, and feature competitive interest rates and high-yield earnings on their loans and accounts. Credit unions offer banking solutions found at big banks but are focused on the communities they serve, providing support for local businesses and organizations in their area.	Big banks have financial products to meet customer needs, have many more locations than many credit unions, and have access to technology not available to credit unions. One of the features big banks do not have is the feeling of being a part of a united financial community. They also lack the personal attention credit union members enjoy.
Where Profits Go	Credit union annual earnings are used for member dividends, invested to promote community development, or retained to help the credit union grow or improve. Bank annual net profits go to shareholder dividends, corporate donations, capital expansions, investments, and acquisitions by stockholders.	Big banks’ annual net profits go to shareholder dividends, corporate donations, capital expansions, investments, and acquisitions by stockholders.
Financial Security	Credit union members whose deposits are covered by National Credit Union Administration (NCUA) insurance have never lost money. Credit unions generally have a much higher percentage of insured deposits than found in big banks. Rest assured that your money is safe and secure in a credit union.	Big banks’ annual net profits go to shareholder dividends, corporate donations, capital expansions, investments, and acquisitions by stockholders.

At Common Trust FCU, we pride ourselves on delivering a unique blend of a small-town feel and big-city solutions. Our longstanding relationships with members are built to last a lifetime as we diligently support and guide them toward financial stability.

If you're seeking a financial institution that not only provides competitive interest rates and high-yield dividends but also delivers personalized service, we invite you to join us and become a valued member of our robust financial community, where your best interests are our top priority