Banks vs The Best Credit Union in Las Vegas
A woman recently accompanied her fiancé to Clark County Credit Union and listened quietly as he discussed getting a car loan with a loan officer.
The process – so straightforward, so casual and so friendly – caused her to remark at the end of the consultation, “This place doesn't feel like a bank at all.”
Her compliment prompted the loan officer to point out that Clark County Credit Union isn't a bank; it's a credit union. While we arrange car loans and mortgages, accept deposits and make other financial transactions, just as a bank does, the goodwill the woman picked up on provided a perfect opportunity to explain some of the fundamental differences between banks and credit unions – and especially the best credit union in Las Vegas: Clark County Credit Union.
“Profit first, profit always” mentality drives banks
It's understandable the woman would confuse a bank with a credit union. By the sheer number of banks, they are better known to people.
What many people forget is banks are for-profit enterprises. They are in business to make money – and they make money for their shareholders, or the people who own a stake in the bank's financial success, from the accounts, loans and other services they provide to their customers.
A board of directors oversees the bank and governs the bank's operations. They, too, are usually wealthy, and they got that way because they are guided by profit. They must answer to the shareholders, who expect the bank to be profitable through the interest and fees charged to the customers who frequent the bank. So, when you hear about banks reducing or eliminating services, it's typically to increase the profit margin for the benefit of the shareholders.
Credit unions place service first
Unlike banks, credit unions are not-for-profit, cooperative enterprises. They are guided by the mission of providing car and house loans with low interest rates, certificates of deposits and IRA certificates at higher interest rates, savings and checking accounts and a variety of financial services to their account holders, who are members of the credit union.
At the end of the year, if the credit union shows a profit, these excess earnings are returned to the members in one of three ways:
Since 2001, the 40,000 members of Clark County Credit Union have shared in more than $56 million in dividend. They deserve it since they are the people who own a stake in the credit union's success.
A board of directors oversees a credit union while an audit committee overlooks operations to safeguard the credit union's financial health. However, unlike a bank, a credit union's directors are volunteers – and fellow members who make deposits in checking accounts, make withdrawals from savings accounts and take out car loans. Just like the fiancé of the man who started this discussion.
Contact the best credit union in Las Vegas
The board of directors at the best credit union in Las Vegas are not nameless, faceless people. They are fellow members who work hard, pay their bills on time and do their best to save money. It's easy for them to root for another and help each other because they are bound together by a spirit of camaraderie and common goal. No wonder why Clark County Credit Union “doesn't feel like a bank at all.” To open an account at CCCU call 702-228-2228 today