Once upon a time, credit unions were created as a new way for people to take care of their financial business. Credit union savings and checking accounts are quite similar to the services that most of us are familiar with getting at a traditional banking institution, but with lots of other benefits and advantages that most banks just can’t offer. Following the Great Depression, credit unions became very popular because of these differences and the good news is that they still operate in pretty much the same fashion today.
Opening an Account vs. Joining a Credit Union
Why do people say that they “join” a credit union, but “open” a bank account, if it is pretty much the same type of financial arrangement? The word “join” is used with regard to your local credit union in New Bedford because a credit union is a membership where the customers actually become a partial owner in the organization. After being burned by banks, which have a reputation for high fees and poor customer service, many young adults are now turning to credit unions and are discovering all the benefits of becoming a member.
Your New Bedford credit savings and checking accounts work by bringing all of the members together to pool their money and put it to work for the benefit of the entire membership. Rather than answering to a group of investors, credit unions answer to their members and have a reputation for providing top quality customer service, miles beyond anything that banks offer to their customers. Everything that you would expect to get from a traditional banking solution can also be done at your local credit union. The difference is the way that the services are provided and the benefits that members get through participation.
Your local St Anne Credit Union in New Bedford has lots of options for members, including checking, savings, home loans, auto loans, personal loans and investment opportunities, such as certificates of deposit (CDs), money market savings and even IRA Share Accounts to help you prepare for retirement. Speak with a customer service representative about opening a credit union savings or checking account to get started as a member – you just need to work or live in Bristol or Plymouth county to qualify for membership!
Why Customer Service Matters
In this day and age, more people prefer to do their banking online or via handheld mobile devices than to walk inside of a bank. Why is that? One of the many reasons is because banks have become very cold, impersonal and downright unfriendly to customers, unless they have a large financial account with their institution. No matter how big or small your account is with your New Bedford credit, savings and checking at St Anne Credit Union, you are a member and partial owner of our organization.
Your local credit union is a non-for-profit organization. What that means is that the profits that they make throughout the year are returned to members through discounts and perks. Fewer fees, lower loan rates, fee-free ATM use and other discounts are just some of the ways that successful credit unions are able to give back to their members. This gives even more value to each account holder beyond the basic improvement to customer satisfaction through better quality of services provided.
Recent studies of persons between the ages of 25-40 reveal that over 80 percent claimed to be satisfied with customer service at their credit union compared to less than 60 percent who were satisfied with customer service at their bank. Because most credit unions are local, they are operated by people who live and work in your community, people who understand your financial needs. That insight helps credit unions to be much more successful than banks.
Other Benefits of Joining a Credit Union
Beyond all of these other advantages, there are still more reasons to join a credit union in New Bedford. Because your local New Bedford credit savings and checking accounts are serviced right here in the South Coast area, all of the money that comes through the credit union stays right here in the South Coast area. At banks, as much as 97 percent of the money that gets deposited into checking and savings accounts can leave the community, serving the needs of customers way outside of the New England area. When you join a credit union, you are working to support the local economy and community.
Stop by St Anne Credit Union in New Bedford to find out more about our credit union checking account and savings opportunities. Our friendly customer service agents can help you find the right combination of financial services to help you increase your savings, reduce your costs for services and improve your financial health. Give us a call at 508-993-0011 or stop by our location on Union Street to become a member just by starting a basic credit union savings account.