This post is sponsored by Make Your Money Matter, in association with PSCU, though all views expressed are my own. #Sponsored #MakeYourMoneyMatter
Last week I posted about “How You Can Make Your Money Matter” by being a part of your community. This week I want to focus on the Credit Unions and what they give back to not only the community but you, the members. I have been a member of a credit union in the past, in my small hometown of Oswego, NY. Since we are a military family and have moved around several times in the past 7 years we chose to stick with a “big bank” until we decided to settle down permanently. I wish I would have known over the years what we were missing. Let me educate you a bit if you are unsure.
Credit unions are here for their members as not for profit cooperatives, and if you are not yet a member you can be, because everyone is eligible to join one. One of the greatest things about credit unions as a whole is that the members themselves own them, unlike banks. Any and all of the profit those credit unions bring in goes back to you the member, from dividends and rebates to lowered interest rates. For every $100 deposited at a Credit Union, an average of $67 is redistributed to borrowers within their membership.
With 5,000 shared branches and 100,000 ATM’s in the network access is easy and convenient. In the last year alone, 5.3 billion dollars has been distributed in member dividends and refunds on loan interest payments. Since 2007, 2.4 million members have received vital credit when -for profit- lenders decided to pull back. Refinancing “bad” debt for 43,800 members in the past year and helping 37,000 families attain higher education access is proof that credit unions care about their members. Since September 2011, more than 3.7 million people have become members of the credit union community. Community is what credit unions are all about. Over 1,200 credit unions offer to educate members on financial literacy to help them make more informed decisions. Providing more than $630 million within local communities for building infrastructure to support new commercial, residential, industrial, and farm related developments all helping the community to thrive.
When people use big banks do you know where that money goes? The amount that leaves the community is up to an astonishing 97%! That money, your money can go anywhere because unlike a credit union it’s for profit. All of their profits stay with their shareholders, not their customer. Who pays the fees? The banks customer, you.
I am excited more than ever to move back home to NY, where one of our first stops will be is a Credit Union. Has this post helped you better understand credit unions and why they are better for you and your community? For more information and to find a credit union near you, please visit: