Do you use a credit union? Or have you never considered using one?
Credit union members know their advantages, and 120 million nationwide can’t be wrong. Aaron Caid joins us today to discuss the pros and cons of credit unions (and spoiler alert: there aren’t many cons).
Aaron Caid is the Chief Marketing Officer at Christian Community Credit Union, an underwriter of Faith & Finance.
Credit unions are member-owned cooperatives. Members are customers and stakeholders governed by a volunteer board selected from the member base. They also have voting rights on credit union policies which help their decisions reflect the members' needs.
They exist to serve members, as opposed to banks which exist to maximize profits for shareholders. Credit Unions return earnings to members through better rates and lower fees.
They are! Many credit unions are federally insured by the NCUA (National Credit Union Administration), which covers up to $250,000 per member.
Christian Community Credit Union is privately insured by American Share Insurance (ASI). Every member account is insured up to $250,000; no account holder has ever lost a dime with ASI.
Of course! Because credit union profits go back to members in the form of better rates and lower fees, credit unions offer higher yields on deposits like savings products, CDs, and savings accounts, as well as lower rates on loans (including mortgages) and lower fees overall.
Many credit unions are part of the co-op shared branch network, and Christian Community Credit Union is one of them. This network gives members access to over 5,600 shared branches nationwide, so there's likely one in your neighborhood.
It provides access to 30,000 surcharge-free ATMs and broader coverage than all the big banks.
What distinguishes Christian Community Credit Union from others is their common bond in Christianity. Their members are unified in their faith and devotion to Jesus Christ as Lord and Savior. CCCU is unapologetically Christian, invests in biblical causes, and makes decisions driven by Scripture.
Additionally, CCCU is led by devoted Christians and uses member deposits to provide affordable financing and biblical banking solutions for churches, ministries, and thousands of other Christians across the US.
There is only one con to joining a credit union, which wouldn’t even be considered a negative for many people. You have to become a member to benefit from its advantages.
The only membership eligibility requirement for Christian Community Credit Union is that a person needs to be Christian and agree to their statement of faith in the membership application. If someone is a Christ follower in the United States and agrees to the statement of faith, they are eligible to be a member.
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