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Benefits of using local credit union versus bank

Updated: Jan 4, 2023

  1. Lower fees: Credit unions often have lower fees for business accounts and services such as account maintenance, ATM usage, and loan origination.

  2. Higher interest rates: Credit unions may offer higher interest rates on business savings accounts, which can help you save money over time.

  3. Personalized service: Credit unions are often smaller and more community-oriented than banks, which can result in more personalized service and a more friendly atmosphere.

  4. Community involvement: Credit unions often focus on supporting the local community and may offer programs and services that are tailored to the needs of small businesses.

  5. Member ownership: Credit unions are owned and controlled by their members, rather than shareholders, which means that profits are returned to the members in the form of lower fees, higher interest rates, and other benefits.

  6. Borrowing options: Credit unions may offer a wider range of borrowing options for small businesses, including loans for specific purposes such as equipment purchases or expansion.

  7. Flexible lending policies: Credit unions may be more flexible in their lending policies for small businesses, making it easier for you to qualify for a loan or credit card.

  8. Local decision-making: Credit unions are often locally owned and operated, which means that loan decisions are made by people who live and work in the same community as you.

  9. Customer service: Credit unions often prioritize customer service and may have more responsive and helpful staff than larger banks.

  10. Convenient locations: Credit unions often have convenient locations, including online and mobile banking options.

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