The New Year is right around the corner and it’s the perfect time to dump your high fee bank and join your neighborhood credit union. Although some credit unions have a closed field of membership, limited to employer groups or other groups, many have open fields of membership in specific geographic areas. For instance, membership in Spirit Financial Credit Union  is open to anyone who lives, works, worships or attends school anywhere in Bucks County, PA. Family members of credit union members are also eligible. If you’re not familiar with the benefits of credit union membership, it’s time to learn more.

Eight reasons to join a local credit union

1.     Credit unions provide more personalized service.

“People helping people” is the philosophy of credit unions. Because they are traditionally smaller than large, national or regional banks, credit unions can provide a better, more personalized experience. Credit union management and staff are likely to know members by name and take a real interest in their needs and financial goals. If you’re tired of calling your bank and never even being able to reach an actual person, it may be time for a move.

2.     Members are not just customers they are also owners. 

One of the perks of credit union membership is that you become “part-owner” in the credit union. Members, not shareholders, own Credit Unions. Members also elect the credit union’s board of directors. Unlike a paid board of for-profit banks, credit union board members volunteer their time to help oversee the direction of the credit union and look out for the best interest of members.

3.     Lower and fewer fees. 

As a not-for-profit institution, a credit union always passes savings on to its members in the form of lower fees and also lower interest rates on loans and credit cards.

4.     Higher interest on deposits. 

Again, any profits and earnings benefit credit union members. This includes higher interest rates on savings.

5.     Community first mentality. 

Credit unions are owned by members of the community and designed to not only benefit the membership, but also the local community. They are often very involved in their local communities.

6.     Large ATM network. 

Although a credit union may be smaller than a large national bank, they often provide members with access to a large, free ATM CO-OP network with tens of thousands of ATMs across the country.

7.     Serving the underserved. 

Again, it’s all about people helping people when you are a member of a credit union. For lower income individuals looking to build a credit history and get on the right track financially, a credit union may be the best option. They have more flexibility when it comes to lending and will take the time to really check over loan applications and take everything into consideration.

8.     Credit Unions embrace new technology. 

Think you just can’t get the same technology at a local credit union as you get with your bank? Well, you’re wrong. Many credit unions, such as Spirit Financial Credit Union, offer all the same great services as banks. This includes 24/7 online and mobile banking, remote deposit capture, online bill pay and much more.

Most importantly, the purpose of a credit union is to provide services and credit to its members and operate with the best interest of members in mind. If you want a financial institution that really cares about your financial needs and goals, then a credit union can be the best choice for you. If you want to enjoy lower fees and a higher rate of return on savings, then apply for membership in your local credit union today. You can take advantage of exceptional services, cutting-edge technology and the knowledge that you have a stake in the outcome of your credit union. You can also take pride in knowing that as a member of a local credit union, you are helping your local community. Start the New Year off right by joining a credit union!