Credit Unions, a Safer Alternative
When bank failures become headlines, it can be a scary reminder of the risks associated with banks. That’s why many are turning to a credit union as a safer alternative. Unlike most banks, credit unions are owned by their members instead of investors and therefore are less risky. The two recent bank failures further highlight the importance of selecting a financial institution that offers greater safety and protection for your money. Credit Unions offer several advantages over bank services, not least because they are not-for-profit organizations with members instead of investors. This means that their primary goal isn’t profits, but rather providing safe, quality banking services to local communities.
In addition, credit unions are insured by the NCUA – a federal agency which provides backing and insurance up to $250K per account holder. Another key advantage of a credit union is they are run by a volunteer board, meaning key decisions about the banking operations are made in the best interests of its members, rather than those of shareholders or investors.
Overall, credit unions offer a safer alternative to bank services with greater protection for their members’ funds, as well as having more local community-focused business models and decision-making processes. If you’re looking for an institution that offers greater safety and security, credit unions should be at the top of your list. We offer many of the same services as banks with added protection and peace of mind. With the potential for bank failures becoming more common in today’s financial landscape, credit unions are an increasingly attractive option for those who want to safeguard their funds.