5 ways credit unions can attract, nurture, and keep their members

Consumers are turning to credit unions for a number of reasons: personalized service, commitment to their local communities, and affordable rates. Learning and building upon each of them within your credit union will help you attract, retain, and grow your member base.

After all, credit unions are community-focused financial institutions that offer much the same financial service products that traditional banks provide, except they serve on behalf of a not-for-profit mission. When members belong to a credit union, they are valued co-owners who receive profits or re-invested financial advantages through lower costs and dividends.

Members have more often received reduced annual percentage rate (APR) loans, higher savings account yields, and interest-earning checking accounts, as well as other financial service advantages traditional banks don’t typically offer, refuse to offer, or simply cannot match.

In addition to advantageous interest rates, credit unions also provide a few other exclusive ways to support their membership. Particularly in these times of financial instability, need, or financial crisis, credit unions can and should be able to provide fast and efficient financial health services to help their members stay financially stable.

 

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