- Nadine Hohnke
5 Things You Didn’t Know About Credit Unions
When it comes to finding a reliable place to manage your money and stay on track towards your financial goals, Romulus and Redford residents should choose a credit union. Here's a look at five things most of our members didn't know about credit unions before they joined up at one of our Detroit-area locations.
1. You're Probably Eligible
Almost anyone can join a credit union, and most credit unions allow you to stay on as a member even if you might no longer meet eligibility requirements. For PSCU, you need to live, work, attend school, or worship in Michigan -- or have an immediate family member who is a member.
2. Credit Unions Are Owned by Members
One of the reasons so many of our Romulus and Redford members choose a credit union like PSCU over a bank is because they know where their money is being put to use: right here, in the community. Credit unions are owned by the people they serve instead of a board of investors concerned with profit over people.
3. ATM and Branch Access is Easy
In the past, many banks had a leg up on credit unions: they had more locations and were more convenient. As mobile banking grew and credit unions opened up access to other credit unions, this advantage disappeared. When you do your banking at a credit union, you can often access ATMs and partner credit union branches nationwide. Find a PSCU location near you.
4. Interest Rates that Put People Before Profit
A bank's main goal is to turn a profit, but when you do your banking at a credit union, you'll get access to interest rates built around serving members -- the short of it is that you should expect higher interest rates on your deposits and lower interest rates or increased flexibility around loans when comparing credit unions vs. banks.
5. Credit Unions are Not for Profit
Okay, you probably figured this one out by now. But many people don't realize it until they start using a credit union and discover firsthand how our services are built to help you -- not to take money from you.
Get Started at Public Service Credit Union Today
Are you ready to manage your finances effectively when you join a credit union? When it comes to credit unions serving Detroit customers, Public Service Credit Union is here to provide a wide range of savings solutions for yourself or your business, as well as many other financial services. Contact us today for more information and to speak with a representative to get things started!