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Superior Community Credit Union
What is a credit union?
Credit unions sole purpose is to serve their member-owners. Credit Unions are mutual, co-operative societies which are governed by a volunteer Board of directors elected each year from the membership. If you belong to a labor union or are affiliated with a large employer, organization or residential community you might be interested in joining a credit union.
The profit conscious organizations are at loggerheads with credit unions because the earnings for credit unions are tax-free. The Navy Federal Credit Union has been helping many men and women for over 70 years. The rates of interest on credit union loans are lower than the rates charged by banks and financial institutions.
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All proceeds are returned to the members and not some outside source such as stockbrokers. Using the sum of all members’ savings, the credit union is able to provide low cost financial services to its members. Credit unions also offer lower interest rates on credit cards and loans than banks.
They offer free checking accounts with a free debit card. As a result, the home itself becomes collateral for the loan. And then, there is service. This allows members to carry large amounts of money safely, without cash in their wallet. All you have to do is prove that you can save before any loan will be offered but once proven, financial assistance will be offered based on how much you can save or tailored to your individual circumstances.
You can get free online account management for Navy Federal Credit Union members, with 24-hours worldwide access, you can view all your accounts online.
Credit unions may not offer the range of services that you can get from your local bank so check to see what is on offer before you join. Overall, credit unions offer an easy and convenient way to save and borrow and can provide a focal point for a community by bringing people together, to both help each other and to help the community as a whole. Although there is no fixed rule for all credit unions, generally you must have saved with them before any assistance is offered.
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