A word about credit unions.

June 25, 2019

A word about credit unions.

By Kyle Gurzynski, vice president, Safe Harbor Credit Union.

Do you know the credit union difference?

Did you know once you’re a member of Safe Harbor Credit Union you’re an equal owner with all members of the credit union. You have a voice! You’re able to suggest changes you’d like to see for your credit union, and you even vote on who becomes your board of directors.

Credit Unions are built on democratic structure with a focus on service to members. We want to build financial stability, encourage thrift through savings, and provide superior service. We also have social goals, like on going education where we promote financial literacy in our schools, area businesses, and our members. We work with the cooperation among cooperatives mind set where all credit unions work together to provide a common bond for our memberships. We also have a social responsibility to bring human and social development into the work place.

Michigan’s credit unions are member-owned and not-for-profit. We don’t answer to shareholders, which means fewer fees, higher savings rates and lower loan rates when compared to big corporate banks.

Credit union benefits compared to banks

Michigan credit unions provided nearly $423 million in direct financial benefits to their members during 2018. This includes:

  • Membership savings with lower rates and fees equaling $80 per member or $168 per household
  • Unlimited access to nearly 1,700 fee-free ATMs across the state and 30,000 across the country
  • Credit cards that average nearly 5% less than banks
  • Personal loans that average more than 1% less than banks
  • Auto loans that average nearly 1% less than banks
    • Just think: financing a $25,000 new auto for 60 months will save credit union members an average of $91 per year in interest expenses compared to a bank

Find out how much more Safe Harbor Credit Union can do for you. 

This post is a service of Safe Harbor Credit Union, 1200 E. Tinkham Avenue, Ludington, MI 49431, www.safeharborcu.org.

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