Advantages of Banking with a Credit Union

Published on January 20th, 2018

For those not familiar with us, we want to explain just what a credit union is. There are numerous banks near Northlake.  So, what’s the difference between a credit union and a bank?

Credit unions, like banks, offer a variety of financial services but credit unions differ in two distinct ways.

An essential difference is that credit unions are not-for-profit institutions. Since we’re nonprofit, we can offer higher interests rates on savings accounts and share certificates and lower interest rates on loan products and credit cards.

We’re member-owned and member-focused. A credit union is a cooperative, owned and operated by its members, not by a group of bank stockholders. Your membership deposit makes you a part owner in the credit union and gives you a voice in its operation.

Advantages

Now that you know the differences, here are some of the advantages of banking with us.

  • Higher Savings Rates – With our dividend bearing deposit accounts, including savings, share certificates, and money market accounts, we offer generally higher interest rates than those offered by banks.
  • Lower Loan Rates – We offer generally lower interest rates on mortgages, car loans, personal loans and credit cards than banks.
  • Lower Fees – The fees that we charge for our services are less than those offered by banks, potentially saving you hundreds of dollars a year.
  • Customer Focus – At a credit union, all members have a voice in its operation, and our focus is not on maximizing profits but on providing services to our members that are second to none.
  • Great Service – Credit unions take pride in offering fast, personal service. In fact, it’s possible your teller will know you by name, and not too many banks can promise you that!
  • Flexible Attitude – If you have a blemished credit history, you may not get a loan or credit card from a bank. In contrast, given our member-focused operation, we’re more willing to look for a way to get you approved for that loan or credit card.

With all these advantages and much more to offer, if you’re looking for a credit union near Northlake, we hope Leyden Credit Union will be your first choice. For more information on our vast array of services, don’t hesitate to call us at 847-455-8440 or come by our office at 2701 N. 25th Avenue in Franklin Park.


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2701 N 25th Avenue Franklin Park, IL 60131 Call 847-455-8440 Fax 847-455-1245 Contact Us