Not all financial institutions are created equal. It may be within the status quo to join a bank, but if you’re someone who dreams beyond that, joining a credit union should be your next move.
Credit unions serve many of the same purposes and offer similar products as banks, but when it comes to setting yourself up for financial success, a credit union can get you there faster. Here’s why:
More than a Not-For-Profit
By becoming a member of a credit union, you get immediate stakeholdership in your banking and financial life. Unlike banks, which operate for profit, credit unions are member-owned, democratically run not-for-profit organizations. That means that to us, you’re more than a customer; you’re a member of our community and a decision-maker within our administrative and operational arenas. You get a vote on the board of directors and other officials. Each member’s vote carries equal weight, regardless of the amount of money you manage with us.
Lower Fees and Better Rates
When locking in the interest rate of your home or auto loan, the flexibility you receive at the institution of your choice will dictate financial growth. Credit unions’ not-for-profit status lets them distribute their profits to members through returns on savings and investments. As a result, credit unions provide higher average returns on a national level than traditional banks do. Credit unions’ average rates for savings and loan products beat or tied traditional banks in every category according to this report by the National Credit Union Administration. Credit unions also typically charge lower fees on average than traditional banks as well. So, if avoiding additional fees is important to you, you’ve come to the right place.
Convenient Access to Your Money
Of course, you may find a larger number of ATM locations with a traditional bank, but a lack of personalization comes with setbacks. At Members Exchange Credit Union, we’re able to help you not only access your money but keep more of it. Credit unions offer a variety of savings and investment account choices and are part of a larger ATM network. Mobile and online banking are available at virtually every credit union, and when accidents happen, we’ll work with you to create an overdraft protection plan that fits you and your family’s financial needs.
Perks of Membership are Endless
Speaking of your family’s finances, taking advantage of our financial counseling opportunities is the best way to ensure that your teens understand how to manage their finances. At Members Exchange Credit Union, we offer FREE financial counseling to our members. Our financial counselors are available when you need them, and making an appointment is easy.
Become a Member | Members Exchange Credit Union | Jackson, MS
Membership at Members Exchange Credit Union means working with people who care about you and your future, not just making money for bank shareholders. If these eligibility requirements apply to you, then you are ready to apply for membership at MECU! All you need to join is a minimum $1 deposit into a share savings account. Have questions? Give us a call at 601-922-3350 or stop by our branches today.