Choosing Your NC Community Credit Union is the first step towards Doing More with your money. Our members enjoy the benefits of big bank services without having to pay those big bank fees. Understanding the difference between a credit union and bank is important when figuring out options for your money. So, what is a credit union and how does it benefit you? Here are some facts about our credit union and how we can help you Do More With Your Money.
What is a Credit Union?
Credit Unions are very similar to traditional banks. Both offer their customers financial products such as checking and savings accounts, loans, CDs, and credit cards.
Banks are owned by the stockholders that own shares in the bank. The stockholders are the ones that make money when the bank makes money- not the people who have accounts with the bank. However, credit unions are not-for-profit organizations. Since Your NC Community Credit Union is a nonprofit, we push our profits back to you- the member- in the form of higher interest rates on your savings accounts and CDs, and lower interest rates on auto and mortgage loans, and credit cards. Here at Your NC Community Credit Union we are member-focused. Unlike a Bank, we are a cooperative, which means we are owned and operated by our members. As a member, you are a shareholder and by that token, get to “share” in the decision-making.
By opening and maintaining a Primary Savings account with just $1, you will be able to take advantage of all the accounts, loans, and services that we offer.
Open a Primary Savings account today and become a member-owner of Your NC Community Credit Union.
Because of our ownership structure, future members have to meet membership requirements- but don’t worry- they are REALLY simple! In order to join Your NC Community Credit Union, you must Live, Work, Worship or Attend School in Wayne County, NC. Meet at least ONE of the requirements for membership and you are in- with just a buck!
Advantages of Being a Member of Your NC Community Credit Union
After establishing a savings account, membership is granted as long as your account is active. Here are some of the advantages of being a member of Your NC Community Credit Union.
Lower Loans & Credit Card Rates
Get the same services the big banks offer here at Your NC Community Credit Union, but at a cheaper cost. Most people use their local credit union for car purchases because the rate is usually lower than dealer financing, and because commercial banks are normally a percentage point or two higher than credit unions. Check out our low APRs on auto and mortgages, personal loans, and credit cards.
Lower Fees
Being a member of Your NC Community Credit Union means fewer fees compared to a commercial bank. Our checks, withdrawals, and electronic transactions are offered to our members free of charge. Our savings account has no minimum and cost only a $1 to open. Our checking accounts are free, requiring a $1 minimum and no maintenance fee with direct deposit. Our low fees and services are geared towards saving our members hundreds of dollars and putting them in a position to Do More With Their Money.
You’re a member not just a customer
With traditional banks, the management and board of directors want to make as much profit as possible. Because of this, customer’s goals are put last, and becomes harder for the customers to enjoy low rates, fees, and services. For banks to gives their customers low fees they would have to cut into their own profits, which is very unlikely. However, credit unions are different and allow customer focused banking, putting members first and offering services that best fit the interest of the members.
Personal Attention
Unlike a traditional bank, Your NC Community Credit Union is personal. Here we treat all of our members with unique service, allowing the ability to build personal relationships with our tellers and staff. Here you are treated like a member, not a account number.
Financial Education
Your NC Community Credit Union is a great source for financial information. We hold seminars each month through our InvestED program, helping our members Do More With Their Money. To register for our Free Financial Classes Click Here.
Perks
Some credit unions offer student scholarships to members as well as benefit programs for businesses and their employees. Your NC Community Credit Union focuses on the community by helping students learn about financial literacy through our InvestED program, aiding high school seniors with scholarship money towards college. Also our WorksPerks Program gives businesses that bank with us and their employees access to additional products and discounts.
To learn more about Your NC Community Credit Union, visit www.nccfcu.org.