What is a Credit Union?

We’re sure every Michigan resident knows what a bank is, but how many of you have heard of credit unions? You might hear them talked about in the same sentences as banks, but credit unions have one very crucial difference: they’re owned by you. What is a credit union? It’s a not-for-profit financial institution owned by its members. When you join Public Service Credit Union, you become not just a member but an owner — like thousands of people in Detroit, Redford, and Romulus.

Credit Union Benefits

The benefits of joining a credit union are many, and while their specifics will vary from one to another, these perks usually apply to all credit unions:

  • Higher savings rates than banks
  • Lower fees than banks
  • Loans from people you know and trust
  • Personalized services, including financial advice
  • Helping and being helped by other members

How are credit unions able to offer higher savings rates and lower fees than banks? Simple: they are not-for-profit institutions. While a bank is concerned with making money for its owners or investors, a credit union is concerned with serving its members.

Where Can I Find a Credit Union Near Me?

With all of these benefits, it must be hard to find a credit union near you, right? Or it must be difficult to join? Why else would people choose banks? The truth is that there are probably more credit unions in your community than you know. Public Service Credit Union (PSCU) has locations all over Michigan, and you simply need to work, live, worship, or go to school in Michigan to join.

You may also find credit unions formed by larger businesses to serve their employees or smaller credit unions built around a single community. When you choose PSCU, you get the benefits of an extensive network of locations and ATMs all over Michigan in addition to our anywhere banking benefits.

How to Join PSCU

We’ve outlined who can join PSCU, but how do you join? All it takes is an account with a $25 deposit to become a member with voting power in our policies and decisions. It sounds simple because it is. Learn more about joining PSCU online or by visiting one of our locations near Detroit or Romulus.

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