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If you are growing more and more frustrated by the corporate banking system, you are not alone. Whether you are fed up with fees, overdraft charges, or you are unsettled by the idea of who is in control of your money, you should know that you have an alternative. A credit union can offer you many of the same services that are offered by banks, but they are run completely differently. There are a variety of reasons why people all over the country are turning to these alternative financial institutions, and you can too. So what are the main differences between these two financial institutions? The essential difference to understand is that banks are businesses designed to make its shareholders a profit, and CUs are not. Because their main concern is making profit, they are always looking to maximize earnings in many ways possible, so customers are often looked at as a way to earn more profit. Executives are usually looking for more ways to make profits from their customers, and that concern is usually a higher priority than anything else, including customer service. Of course, it is in the bank's best interest to keep customers happy, but it does so in a way that keeps profits as high as possible. The credit union is run as a non-profit organization. As a customer, you are a shareholder of the company. Because all of the customers are shareholders, the decisions made by the owners of the company are all made in the best interest of the organization. They offer a wide array of services, many of which are more affordable than similar services offered by banks. Membership is limited, and you must be eligible to join. Each community likely has a credit union, and most of them are made up of community members. As a member and an owner, you have the right to vote for and be a part of the board of directors. Each member is treated equally, and every person has their own say in the interests of the company. The "profits" that are made by a credit union are put back into the organization. They are used to ensure the organization is being properly run. Essentially, a credit union is the way to go if you want to protect your money and your interests. As an owner, you don't have to worry about someone else working to make a profit from you. You will be there to help make the decisions of the organization. The wellbeing of your money is always the first priority. Interested in joining a credit union, Saginaw, MI? We are a well established credit union, rooted in the community, with a history you can trust. For more information please visit our website at https://www.wildfirecu.org.
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