Introduction
Servus Credit Union is different
than a bank because we provide more value than your typical financial
institution. We are an online lending network where member-customers can
connect with other members and borrow small amounts of money at an affordable rate.
Servus Credit Union is one financial institution that connects others, saving
time and creating flexibility to accomplish things they haven't dreamed
possible before.
Credit unions are considered
non-profit financial cooperative institutions that are owned by their members.
Like banks, they can create loans and issue financial products like credit
cards. Credit unions also offer services such as membership fees discounts and
banking centers. But what sets Servus Credit Union apart from other financial institutions
is its mission and vision—and its approach to member service.
What
are 3 differences between a bank and a credit union?
A bank is a financial institution
that accepts deposits and makes loans to the general public. A credit union is
a financial institution owned by its members, who are called members. Banks
have been around for centuries, while credit unions have only been around since
the 1970s. There are many differences between a bank and a credit union, but
here are three of the biggest:
1. Bank FDIC insurance: Credit unions are insured by the Federal Deposit Insurance
Corporation (FDIC). Banks are not.
2. Bank accounts are free: Credit unions are member-owned cooperatives, so all deposits
and loans come from member-owners, who have a vested interest in the success of
the bank. Members can get paid interest on their money in a credit union -- but
not in a bank account.
3. Credit unions are community
banks: Credit unions focus on serving the
needs of their local communities and often partner with other organizations to
provide a more complete financial services package. Banks tend to focus on
serving large corporate clients or wealthy individuals who want to invest their
money elsewhere."
Here
are the other three of the biggest differences between a bank and a credit
union
1) Banks make most of their money from interest on loans.
Credit unions earn most of their money from fees paid by members for services
such as savings accounts and checking accounts.
2)
Banks offer higher interest rates than credit unions do on loans or savings
accounts because banks can borrow money at lower rates than credit unions can.
3) Banks have more branches than credit unions do, especially
in small towns or rural areas where there may not be enough people to support two
financial institutions serving the same area
Why
choose a credit union instead of a bank?
A credit union is a financial
institution that’s owned by and serves members of the community. Credit unions
offer a variety of financial products and services, such as loans, savings
accounts, checking accounts, and money market accounts, to their members.
Credit unions are regulated by the National Credit Union Administration (NCUA),
an agency of the U.S. Department of Treasury.
Many credit unions offer competitive
interest rates on loans and savings products. The average credit
union savings account rate is 1-2 percent higher than the average checking
account rate (Bankrate). This can be because credit unions typically have lower
overhead costs than banks, which results in more competitive savings rates.
Credit unions may also provide
additional features that banks do not have, such as:
Multi-purpose loans: Credit unions
may offer multi-purpose loans that can be used for business or personal
purposes. For example, a business could borrow money from their local credit
union to buy equipment or pay back debtors to grow their business faster than
otherwise possible.
What
makes Servus different than a bank?
Servus Credit Union is different
than a bank in many ways.
One of the most important things to
remember is that Servus Credit Union is an organization that was created to
serve its members. This means that they are focused on your needs and how you
want to be treated, not just on how much money they can make off of you.
Another key difference is in the way
Servus Credit Union does business. They have a reputation for being a
people-first institution and treat its employees like family. This means that
their employees are highly motivated and dedicated to helping members succeed
at their financial goals.
They also have strong relationships
with government agencies and other organizations, which allows them access to
resources that may not be available elsewhere.
Servus
Credit Union is a financial co-operative and a community-based institution
Servus Credit Union is a financial
co-operative and a community-based institution.
As a credit union, we are owned by
our members who, like you, share an interest in having access to low-cost loans
and savings products. We are committed to providing loans and savings products
that meet the needs of our members and their communities.
Unlike banks, we do not charge fees
for debit cards or transaction services. We also offer a wide range of deposit
options and features that include chequing accounts, guaranteed investment
certificates (GICs), regular savings accounts, and more!
Servus Credit Union is a financial
co-operative and a community-based institution that offers credit products and
services to individuals, families, businesses, and institutions. It was
established in 1908 as a not-for-profit organization with a mission to serve
its members by providing access to quality financial products, innovative
solutions, and exceptional service.
Conclusion
Servus Credit Union is not a bank.
The values, philosophy, and business model are distinctly unique. As I
mentioned earlier, it's the members that create the policies of the credit
union. And that's what makes Servus Credit Union work so well for its members.
As a member, you will feel the difference and appreciate how Servus Credit
Union supports its communities and people.
Servus Credit Union is the largest
credit union in Canada and is also the second-largest financial institution in
Alberta. As a member-owned co-operative, Servus has built a solid reputation
for itself as a leader in community involvement and charitable support, with
many programs that give back to the community. Because of this dedication to
its members, Servus has grown from $1 billion assets in 1978 to over $31
billion assets today.
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