101 reasons why credit unions are awesome

by. The Phroogal Jason

I’ve talked a lot about credit unions and if you still aren’t convinced here are 101 reasons to consider a banking relationship with one of the 6,800 credit unions in the US. Keep in mind that bot all credit unions operate the same. Some are way more awesome while others are working hard to be awesome. Either way decide for yourself and hope this list can make you ask the question, “Is it time to make the switch?”

Read more >> What’s the differences between credit unions and banks?

101 Reasons Why Credit Unions are Awesome

1. Credit unions are financial cooperatives.
2. First credit union in Manchester, New Hampshire founded in 1909.
3. Federal Credit Union Act signed into law by President Franklin Roosevelt in 1939 to “promote thrift and thwart usury.”
4. Federal tax-exemption status.
5. But, they do pay other types of taxes.
6. It’s actually a movement.
7. Not-for-profit business model.
8. Profits reinvested back and not distributed as shareholder dividends.
9. They don’t answer to shareholders.
10. A volunteer Board of Directors.
11. A member can run for a Board seat.
12. Members share a common bond.
13. You’re a member-owner not a customer.
14. You get a member number.
15. But, they know your name.
16. Provide member service not lip service.
17. You can extend membership to immediate family members.
18. Multi-generational banking relationships.

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