Who Would You Want Controlling Your Money?
When trying to decide where to put your money, there are several things to take into account (pun intended). One of the first decisions to make is whether to choose a bank or a credit union. The number and size of your accounts, the amount of online banking you do, locations, customer service and interest rates, are all things to consider when choosing a financial institution.
But it is important to also take a step back and consider one of the fundamental differences between a bank and a credit union: their ultimate motivation. Banks are for-profit institutions, while credit unions are non-profit. What this means is that any profit credit unions receive is paid back to their members either through lower interest and loan rates, or in some cases, cash dividends. Banks on the other hand, are for-profit, meaning their earnings are paid to stockholders. Credit unions will save you money and are more invested in their members.
Credit unions use a volunteer board of directors to make decisions, set policies, and set goals-all for the long-term benefit of its members. Since these individuals are members of the credit union themselves, it is in their best interest to direct the credit union in a way that is most beneficial for the customers. Again, at a bank, their directors are interested in ultimately benefiting their shareholders.
Banks will generally have a bigger presence nationally or even internationally, but credit unions shine when it comes to customer service, making each individual member feel important. Since it's the members that keeps credit unions going, they see the return of their investments in the form of lower fees and yearly dividends.
Contact a Trusted Las Vegas Credit Union Today!
Both banks and credit unions are safe places to keep your money. The question is, do you want an institution that is working for shareholders, or one that is working for you? For more information, contact Clark County Credit Union at 702-228-2228 today!