Volt Credit Union’s motto is “Re-Volt against banking as usual!” What does this mean? It means we do things differently here. We’re local. Our employees get to know you and know your name. You’re also a member and part owner of the credit union. Today’s blog explains the many different ways a credit union stands apart from a bank.
All Banking Functions
A credit union is similar to a bank in that you can take care of the same types of financial transactions at both places. You can deposit and withdraw money, apply for loans and make loan payments, use ATMs, and take advantage of online banking services at both types of financial institutions.
Credit unions perform all the same banking functions as traditional banks, but the differences between the two can benefit you in big ways.
Credit Unions Are Not-For-Profit
Credit unions are not-for-profit financial cooperatives, owned by members. Rather than answering to people who own stocks, like at large national banks, Volt Credit Union answers to members who use our financial services. Every bit of money we earn from interest is reinvested in the credit union to make our services better for you.
We don’t have customers at Volt. We have members. Each one of you with a share account is a member of our credit union. That means you get to elect our leaders and board members to help run the overall operations of your hometown Volt locations.
Better Rates & Lower Fees
Credit unions return more of our earnings from interest to you, our members. If you have a checking or savings account, we have higher rates of return to benefit you as you invest in our credit union. Credit unions like Volt can often offer lower interest rates for vehicles, homes, RVs, and boats. We also have lower fees compared to a bank, such as the fees for declined transactions, credit cards, ATM usage, and money transfers.
Banks are insured by the FDIC, or Federal Deposit Insurance Corporation. A savings account has $250,000 worth of protection backed by the federal government. Credit unions offer the same protections through the NCUA, or National Credit Union Administration. The organizations have different names, but they operate under similar principles in case a financial institution suddenly closes.
Volt Credit Union wants you to be informed about your finances and your options. We offer educational clubs for kids to help teach them about finances. Our team also provides assistance in how to manage your finances, whether you’re a first-time homebuyer or planning for retirement.
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Re-Volt Against Banking as Usual @ Volt Credit Union
Volt Credit Union is here to help you achieve your financial goals, no matter what those goals are. We get to know your name and your needs, and we treat you like a valued member. Contact Volt Credit Union or call (417) 862-0471 for more information.