A Surge in Popularity: 100 Million People have Joined Credit Unions

Credit unions are vastly different than big banks, as they are often locally run, offer lower rates and often make donations or have programs to support the communities they serve. Currently, the number of credit union members is around 100 million, but the question you might be asking is: Why?

The question of why 100 million people are credit union members can be answered by looking at the benefits a credit union gives to its members, and most of these are benefits banks do not offer.

The Allure of Credit Unions

·        One of the reasons for the increase in credit union members is that credit unions are easier to access for new members, as they don’t have to deal with as many obstacles.

·        Most credit unions offer lower fees and lower interest rates on loans.

·        Members of credit unions can also access their money at ATMs in more locations than most banks since credit unions work together to allow you to access your money from anywhere.

·        Almost 80% of credit unions offer free checking and have no fees for checking or managing your money. This is unlike most banks, which often charge fees and require you to make minimum monthly deposits to keep the account open.

Why 100 Million People are Credit Union Members

The popularity of credit unions is well-founded, rewarding you when you use them and keeping more of your money in your pocket. Credit unions help to ensure that you can use your money for whatever you would like with no strings, hassles, or hidden fees attached. If 100 million people are saving money and using it to supplement their daily lives, then why can’t you do the same? Maybe it’s time to ditch your bank and join a credit union today.