If you don’t have an account with your local credit union, consider opening an account so you can start a relationship with them. Credit unions differ from banks and can offer better rates on many products because they have the credit union member’s in mind. They are a not-for-profit cooperative, where the members “help each” and so the rates are often better than at a commercial bank with commercial interests in mind.
Credit unions also have several other benefits:
- Taxation Benefits: Credit unions don’t have to pay federal income taxes, which was established in 1937 and reaffirmed in 1998 in HR 1151. Not having to pay taxes is a huge benefit.
- Volunteer Boards: Did you know that the board of directors on a credit union is filled with volunteers elected by the credit union’s membership? Yep!
So, consider learning the eligibility requirements for your local credit union and joining!
Tags: Banking, Credit Union
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