So you’ve decided to seek out a trustworthy institution to handle all of your financial needs. Congrats! The road to better organization of how you save, spend, and borrow is on the horizon. But with various banks and credit unions in your area offering an array of benefits and perks, it may be difficult to narrow down the right institution for you. While major banks might be popping up on every corner in your neighborhood, considering a local credit union could be a highly advantageous choice for your financial needs.
What Is a Credit Union?
Unlike banks, credit unions are made up of members rather than customers. While the process of growing financially with a bank and a credit union is similar, the end goals are different. A bank’s primary loyalty belongs to its shareholders, whereas a credit union’s “owners” are the members themselves. What would be deemed as a profit at a typical banking institution is actually used to serve members of a credit union, allowing for better rates and flexibility within the community of its members.
What Are the Requirements to Join a Credit Union?
While the requirements to join a credit union vary on a case-by-case basis, a commonality between members is typically shared. This could include anything from location to employer or school. When credit unions were first formed, the primary goal was to serve communities bonded together through a shared church, labor union, etc. that were not provided with equal service from local banks. Today, most credit unions deliver membership based on location.
Strengthen Your Financial Wellness with Discovery Federal Credit Union
At Discovery Federal Credit Union, our members come first. The strength of our community and the satisfaction of our members are what allow us to return earnings in the form of lower rates, fewer fees, and higher rates on deposits. Discovery FCU is located in Berks County, Pennsylvania, and anyone who lives, works, worships, or attends school in Berks County is eligible for membership. Immediate family of current members of our credit union is also welcome to join! Learn more about the perks of banking with Discovery Federal Credit Union and become a member today.