When you ask most people what the difference between a credit union and a bank is, they might be able to list one or two differences, but they likely won’t be able to paint the whole picture. At Idaho Central Credit Union we want to give you the proper information to help you figure out what meets your banking needs. Here are five of the major differences:
High Service Expectations
With most credit unions, and especially at ICCU, we focus all of our efforts on providing outstanding service for you and your banking needs. Credit unions are focused on members because they are a not-for-profit organization. They understand that because the credit union is owned by its members it is important to treat them right. With high service standards in place this will help you see the difference by just walking into a branch and opening an account.
Low Rates & Fees
One of the best things about banking with a credit union is that, because we are not-for-profit, we are able take earnings and return them to members through lower rates on loans, higher rates on deposits, and little to no fees on your accounts. ICCU prides itself on low, or no, fees for our members. We know that seeing a fee in your account and wondering why you have it is annoying and expensive. Unlike banks, we don’t have all the fine print and try to hide fees to drive up profits.
Accessibility Away From Home
Over the years, credit unions have teamed up to offer access to your money across the country through CO-OP ATMs and online access. ICCU offers Mobile Banking and over 30,000 ATMs across the country for your use as you travel.
At ICCU you may notice we don’t call you a customer, but rather members. Since credit unions have certain requirements to set up an account you also have the opportunity to become an owner in the credit union. Each credit union has a board of directors who are un-paid volunteers to help guide the direction of the credit union.
Wide Variety of Financial Products
A common misconception about credit unions is that they don’t offer as many products as a bank. At ICCU we offer everything from checking accounts, savings accounts, CDs, retirement options, Visa reward credit cards, auto loans, mortgage loans, and similar options for business accounts. Since we are a credit union, we have the ability to be more flexible and help find a financial product that works best for you. We also have Credit Builder Loans that can help you build your credit and help you reach your financial goals.
Working with a credit union like Idaho Central can give you the help you need to get into that house or car you have been wanting, or simply give you a great solution to your banking needs. Visit a branch near you to speak with one of our team members; we can show you why banking with a credit union makes sense. You deserve great service and great banking products. We look forward to seeing you soon!