How Credit Unions Invest in Your Community
Credit unions give back to their local communities in many ways.
In addition to offering financial literacy classes, credit unions assist local businesses and farmers with access to funds to grow their businesses. Many credit unions offer free financial classes, no-fee accounts, and micro-loans and support members with scholarships and grants.
When you choose a credit union, your money is invested back into the community through loans and other services. Find a credit union near you and learn more about how credit unions invest in their communities.
Why Local Credit Unions Matter
When you open an account at a credit union, your money stays in the local community. It will be used to help a family get a mortgage, finance a student's education, or help a local business owner open a new store.
How Credit Unions Give Back to Members
Credit unions are not-for-profit organizations; they don't have shareholders like traditional banks. Members are what makes a credit union. Conventional banks will deliver shareholders portions of their profits. Credit unions give back earnings to members through better rates and lower fees.
Financial Literacy and Education
Credit unions are committed to financial literacy and education, no matter the age. Credit unions offer a wide range of classes and services to help individuals towards lifelong financial freedom. A few areas that a course may focus on:
- How credit works
- How to repair credit
- How to create and keep a budget
- Understanding interest rates
- Retirement planning
- Money management
- Purchasing and financing a car
- Saving for college
Each credit union will have a unique financial education program that may include in-person workshops, on-demand videos, printouts, and other resources and tools. Programs can focus on a specific age range from teens, college students, and adults.
Credit unions are excellent sources of local lending services. Many credit unions will lend during times of economic crisis while traditional banks pull back lending to individuals and businesses. Additional reasons members choose local lending with a credit union over a bank include:
- Personal service
- Local expertise
Credit unions as a source of local lending can give members a wealth of knowledge on the community and its economy. Plus, offer unique loan products and, of course, a high level of personalized service.
Supporting Local Businesses and Charitable Organizations
Credit unions are committed to their community. During times of crisis, credit unions always go above and beyond in supporting members and the community. Credit unions raise awareness or funds through "challenges" to members. These challenges may consist of committing money or time to an organization or charity. Examples of ways credit unions assist communities:
- Host giveaways
- Donate to local charitable organizations
- Run donation drives
- Deliver food to first responders
- Support seasonal workers
Ready to Become a Credit Union Member?
Credit unions not only offer you advantages but your community as well. If you're looking to change how you do banking, check out a credit union near you and learn more ways you and your community can benefit.