To the average person, banks and credit unions seem very similar and in many ways we are. We both offer chequing and savings accounts for daily banking, investments and lending products, as well as online, mobile and in-branch banking services. But that is where the similarities end. The biggest difference is credit unions believe in cooperative, locally run and member based financial services providing the best customer service to each and every member.
These are just a few of the major differences that you will notice when banking with a Credit Union.
Not only are you a member but you are also an owner.
Credit Unions are owned by the people who bank with us – our members. All of our members have a vote and an equal say in the choices that are made to better the products and services we offer to our members. We aren’t owned by big shareholders – we are owned by you, the members.
We support local communities.
Credit unions focus much of their attention on supporting the local community in which they belong. Whether it be a geographic space, an ethnic or cultural group, or employer community, there is always a credit union that is looking to provide you with the services that your community needs. On top of that, credit unions focus their charitable and volunteer time supporting the things that are important to our specific communities.
Customer Service is something we not only do, but we do really, really well!
We are proud of the services that Member Savings offers to our members. By getting to know you, we are able to provide you with the services you require. When you talk to one of the many credit union staff, they actually listen and provide you with the best option that fits your individual needs.
Providing you with many firsts in banking!
Did you know credit unions were the first financial insitution to bring our members online and mobile banking? As well as the first to offer our members full service ATMs and mobile cheque deposits. Not only that, but we were the first to lend money to women in their own name – a huge step forward in the financial world! We know it’s important to stay up to date and ahead of the game. Member Savings wants to make sure our members know we are here to make their financial experience a positive and enjoyable one.
So next time you are wondering what the difference is between a bank and a credit union – just remember we do many of the same things, but we do them better!
Don’t forget to visit our blog to catch up on important financial topics for credit union members.