Why Choose A Credit Union As Your Banking Institution

Published on April 30th, 2017

If you’re like millions of Americans, you’ve probably always done your banking with a national bank, and the chances are you have some questions and misconceptions about credit unions. “What is a credit union, and why should I trust it with my money?” Some think credit unions are like payday lenders, and others believe you have to be a union member or work in a certain profession to do business with a credit union.

As a credit union near Melrose Park that serves the residents and employees of the surrounding area, we understand your hesitancy, and to ease your concerns, we would like to point out some of the advantages of doing your banking with us.

Credit unions put members first

When you open an account with a credit union, you are a member-owner, not a customer. A bank is a for-profit institution whose main goal is to make money for its stockholders. In contrast, a credit union is a not-for-profit organization, and our goal is to pass profits on to our members.

A full range of products and services

Products and services available to credit union members include savings, checking and money market accounts, a wide variety of loan options, ATMs, credit card services and much more.

Lower fees

One way that credit unions pass profits on to its members is by generally charging lower fees for services, lower than those charged by banks.  Additionally, lower fees mean you save money banking at a credit union.

Better interest rates

Another way we pass profits on to our members is with better rates.  At a credit union, credit cards, home equity loans, mortgages, auto loans and personal loans all generally enjoy lower interest rates than you’ll find at a bank. At the same time, we generally pay our members higher interest rates on savings, checking, money market accounts and certificates.  

Deposits are Insured

Leyden Credit Union is a credit union near Melrose Park,  and like most credit unions, its members’ accounts are insured by the National Credit Union Administration, a government agency.  Accounts are fully covered up to $250,000 in the same way that bank accounts are insured by the FDIC.

We’re a democracy

Our credit union near Melrose Park, like all credit unions, is member-owned and run by an elected board comprised of all credit union members.  Credit Union management and the elected board make decisions that benefit our members instead of decisions benefitting distant, unseen stockholders.

Have we convinced you? We certainly hope we have. If you’re tired of long lines and impersonal service, join us and discover what “Better Banking” is all about.

Leyden Credit Union is a smart and reliable choice for a financial institution.  Leyden Credit Union provides premier service and care for the residents of Leyden Township, including a credit union near Melrose Park.  Become a member with us today and create a plan for your financial future.

 


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