Recently more people have been making the switch from a bank to a credit union, but many still don’t know what the difference is and can be confused by membership requirements. We’re here to share the many benefits of joining a credit union near you and explain how easy it is to find out if you can become a member.
Be Part of a Community-Focused Credit Union
Unlike large banks, credit unions focus on their members, are dedicated to specific communities and are not for profit. While banks answer to shareholders, credit unions answer to members! This means that any extra profit a credit union makes is returned to members in the form of lower fees, better rates and additional personalized resources that a bank may not offer.
Credit unions and banks can have similar accounts and loan offerings, but credit unions were founded to serve their community. At the core of credit unions, you’ll always find the motto “People Helping People.”
One way Democracy uplifts our community is through our Community Give Back Program. Through charitable donations of cash, food and supplies, and supporting our members with financial assistance programs and education, our goal is to build a stronger, more vibrant community! By joining a credit union like us, you’re supporting your community while you benefit from all our financial institution has to offer.
At Democracy Federal Credit Union, we’re committed to building lasting relationships by exceeding our members' expectations with every interaction, every time, by delivering personal service with a smile.
Benefit From a Local Credit Union With the Best Rates
Did you know that not only can you save money with low interest rates on loans, but also by earning more with high yield rates from checking and savings accounts? When looking at joining a new financial institution, it’s important to look at the whole picture. The great news is credit unions are constantly trying to get their members the best rates!
Democracy FCU makes it easy to see our loan and deposit rates in one spot so you can see the money you can save – and earn – to envision your savings as a member. View our rates here to see just how you could save!
Enjoy Lower Fees
Part of re-investing profit by benefiting members is to provide the lowest fees possible – ideally no fees at all! One way we reduce fees for our members is by offering free checking accounts with no minimum balance requirements and plenty of free services.
Another way credit unions aim to reduce costs to members is by partnering with others to create a network of surcharge-free ATMs. This means even when you’re traveling, you can access your money at over 30,000 ATMs without having an out-of-network fee. At Democracy FCU, we even waive our $2.00 non-proprietary ATM fee when you open a free Kasasa® Checking Account!
Financial Education and Counseling Services
Credit unions focus on their members’ financial health and offer many more personal financial services than banks do. Because credit unions often have membership requirements based on where you live or work, the employees you work with are part of the same community you live in. Credit unions prioritize strengthening their community and are incentivized because credit union leaders live in the same area that you do!
For example, Democracy FCU has plenty of financial resources to help you get financially fit! We have both helpful videos to learn from as well as a Certified Financial Counselor on staff who has helped hundreds of individuals and families thrive following financial hardships. Some topics you can learn about include:
- Financial Goal Planning
- Micros Vs. Macros (Know Your Numbers)
- Lean Finances
- Credit Checkup
- Financial Junk Food (Debt)
We also know that being financially fit starts when you’re young! From kids to teens, we provide fun articles, videos and games to help children of members start on their financial journey to success as early as possible.
When you succeed financially, credit unions take pride in seeing you achieve your goals! Our vision is to help our members achieve financial freedom, enjoy a better quality of life and create generational wealth for a brighter future.
Credit Unions Are Personable
Since credit unions are focused on their community, it is a goal to know each credit union member by name when they stop by a branch. Member satisfaction is important to keep the community thriving, which is taken into account with each decision the leaders of the credit union makes.
For example, when you join a credit union and apply for a loan, you may get a loan that you wouldn’t elsewhere. Expert financial advisers will make sure you aren’t burdened with a loan you can’t pay and will work hard to help you in any way they can. A credit union is built on trust and that goes both ways!
Credit Union Membership Eligibility
There’s a common misconception that it’s difficult to join a credit union. We promise it’s easier than you think! Using the term “member” may sound exclusive at first, but there’s a simple explanation why credit unions use that instead using the term “customer,” which is what banks use.
Because credit unions are built within a community, it’s important to limit membership to those connected to the area. This can mean membership is limited to people who live or work in a certain area, work for specific employers, or are related to a member. Don’t worry though, once you’re a member, you’re always a member – even if you move or change jobs!
Ready to know how to join a federal credit union? It’s easy to get started and begin enjoying credit union membership benefits! At Democracy FCU, we’ve broken it down into three easy steps:
- Join via association membership, employment, relationship or location. Check your membership eligibility.
- Provide your information and submit your application.
- Open an account with an initial deposit of just $5 and a $10 membership fee.
If you have more questions about membership requirements, stop by a branch and we’ll be happy to help!