This post is sponsored by Make Your Money Matter, in association with PSCU, though all views expressed are my own.
When I graduate college, I have a mile-long to-do list of things I need to do now that I’m joining the real world. One of those things is to close my account at my current bank. I opened my account with a big bank that has an on-campus ATM as well as a branch in my hometown. Upon reading the fine print, I’ve discovered when I become a college graduate, they will begin charging me a steep fee each month just to keep the account open!
I’ve been doing my research on different banking options. I remember briefly learning about credit unions in my Personal Finance course, and I liked what I learned, so I’ve been doing more research into that route.
Did you know credit unions are not-for-profit cooperatives that exist solely to provide financial services to their members and that, unlike banks which are owned by corporate shareholders, the credit unions are owned by their members? That means the profits go back to the members! Credit unions offer lower interest rates on loans, higher interest returns on investment, and lower fees for checking accounts, ATM surcharges, overdrafts, and stopped payments. As someone who will be applying for a car loan in the future, I would rather have lower interest rates.
But what I like the most is that credit unions give back to the community. 1,224 credit unions offer financial literacy classes to help members make sound financial decisions. Credit unions have helped more than 786,000 members receive more than $134 billion in mortgage financing. They’ve helped people in my community better their lives. That’s something I can stand behind.
When the time comes for me to make the switch, I plan on switching to my local credit union. To learn more about credit unions or to find one near you, check out MakeYourMoneyMatter.org