Why you need a Credit Union

March 17, 2017 | Liz Schrock

illustration of a credit union buildingThere’s a reason people love credit unions. Credit unions offer many of the same services as traditional banks, but offer better rates to their customers along with knowledgeable service. Banks are for profit, meaning they serve the interests of both corporate shareholders and their customers. Credit unions, on the other hand, are not-for-profit cooperatives owned by their customers. Each customer is invested in the success of their credit union, and profits are invested back into the credit union as lower rates, low or no fees and enhanced services. It’s no wonder that banking with a San Diego credit union often begins a lifelong relationship.

Credit unions were originally created to serve a specific group, like teachers or the military. They offered more personalized service to their customers and specialized in the needs of that community. Now, many credit unions have expanded to serve a geographic group, while continuing to serve the group that founded them. For example, Mission Fed is open to anyone living, working or going to school within San Diego County. Still, because of their smaller size and focus on customers rather than on making profit, credit unions are able to offer excellent customer service to an expanded customer base.

One benefit of credit unions is that they’re typically smaller than the big banks, yet offer similar federal protections through the National Credit Union Administration (NCUA), where banks are federally protected by the Federal Deposit Insurance Corporation (FDIC). With a credit union, you can rest easy knowing you’ll get a comprehensive menu of financial services with accounts insured up to $250,000. You’ll get high-quality service and protection you can trust.

Additionally, because of the smaller size of a credit union, you’ll experience the customer service skills of employees who get to know their customers by name. Customer appreciation and customer retention are paramount to credit unions, because the customers are the reason credit unions exist. Because credit unions aren’t profit-driven or obligated to outside shareholders, they can offer interest rates that are generally more favorable than those at a big bank, so you’ll save more of your hard-earned money.

Many credit unions have strong connections to their community. Mission Fed, for example, began as a credit union for educators and still maintains a strong connection to the educational community in San Diego County with programs like Mission 2 $AVE that offers students opportunities to learn how to save money. Mission Fed also makes it a priority to give back to the entire San Diego community by sponsoring events like Mission Federal ArtWalk, a free two day fine art festival, and Kids Free in October at the San Diego Zoo. By giving back to the community we help enrich the lives of all San Diegans.

If you choose to bank with a credit union, you’ll begin a lifelong relationship built on trust, personalized customer service and financial services created with your needs in mind. Credit unions can help you reach your financial goals, whether it’s with a new Savings Account or your first Home Loan. At Mission Fed, we look forward to helping you achieve your Mission Fed Moments. Visit any of our branches and find out how a credit union can benefit you for a lifetime!

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article by Mission Federal Credit Union is for the information and convenience of its readers and does not constitute endorsement, control or warranty by Mission Federal Credit Union.
Liz Schrock

Liz Schrock

Liz Schrock is VP Consumer Lending Operations at Mission Federal Credit Union. She has been a member of credit unions since her childhood, which led to her career in the financial industry. Working in many aspects of lending, consumer lending is her passion, and nothing brightens her day like seeing a member have that dream car in the driveway. With over 20 years of experience, Liz knows how important it is to provide members with quality loan products and help them through their financial needs when they need it most.

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