5 Benefits to Joining a Local Credit Union
Thinking about joining a credit union? Credit unions offer great opportunities to save money while also strengthening your community. Discover how being a member can make a positive impact on both your finances and your community!
This post is sponsored by South Bay Credit Union. South Bay Credit Union is for all who live, work, or worship in the South Bay.
Credit Unions Are Nonprofits
The main difference between banks and credit unions is that banks are for-profit businesses, while credit unions are nonprofit financial institutions. Not-for-profit credit unions are precisely what the name implies. Unlike traditional banks, credit unions are owned by their members and designed to serve their interests—not shareholders or the bottom line. To better serve the local community, credit unions provide their members with financial tools and services at the most affordable terms and rates.
Better Rates and Fewer Fees
Since credit unions are focused on members’ needs and not profit margins, they typically offer lower interest rates on loans and higher interest rates on deposits. They also generally charge fewer fees for services than banks.
As a not-for-profit cooperative, South Bay Credit Union uses any money earned from fees or interest on loans to pay for the expenses associated with providing services and to pay members dividends earned on their savings and investment accounts; the rest is returned to their members and the South Bay community. South Bay Credit Union does not charge hidden fees and has not increased fees in eight years. You can access the current Fee Schedule online.
Sense of Security
Just like banks, credit unions are covered by insurance. Similar to Federal Deposit Insurance Corporation (FDIC) coverage for banks, each South Bay Credit Union account is insured up to $1,000,000 by American Share Insurance.
A Cooperative Experience
As a credit union member, you are a valued participant in the financial network. Members actively participate in setting policies and making decisions. Credit unions host an annual meeting each year to share upcoming plans with members and celebrate past accomplishments. South Bay Credit Union members elect a volunteer, a member-run Board of Directors, and a Supervisory Committee. These non-paid volunteers govern South Bay Credit Union policy, while a professional management team oversees daily operations.
In addition to working together with members, credit unions network with each other to create a better experience for all. South Bay Credit Union is partnered with other credit unions to provide access to over 30,000 ATMs, more than the world’s largest banks. They also share operational resources to keep costs down.
Community Oriented
Credit unions are not only focused on serving their members, they’re also invested in their local communities. They support and volunteer with local charities and organizations that help the community and participate in local community events.
South Bay Credit Union is involved with many organizations across the South Bay. In addition to partnering with Local Anchor to offer a range of initiatives tailored to meet the needs of individuals and small businesses throughout the communities they serve, South Bay Credit Union also supports many local sports leagues, community events like the Super Bowl Sunday 5K/10K and Dine Around Artesia as well as organizations like Community’s Child and Children’s Hospital of Los Angeles. South Bay Credit Union is also an active member of the Lomita, Redondo Beach, Torrance, Hermosa Beach, and Manhattan Beach chambers.
About South Bay Credit Union
South Bay Credit Union, believes in placing people and purpose over profits. Their name says it all. They’ve been 100% focused on serving the South Bay since 1953. Anyone who lives or works in the South Bay is eligible to join.
Unlike big banks where shareholders divide up the earnings, South Bay Credit Union returns its earnings to members through better rates and lower fees that save you money.
Our volunteer, member-run board keeps South Bay Credit Union focused on delivering the kind of service you won’t get at a large national bank.
They’re committed to strengthening our wonderful South Bay community through sponsorships, charitable donations, and employee volunteerism.
With three centrally located branches in South Bay, access to 30,000 surcharge-free ATMs nationwide, a full range of quality financial solutions, and secure digital banking tools, they offer everything you need to manage your money anytime, anywhere.
South Bay Credit Union empowers members to live better and do better. They stand up for financial inclusion because they believe everyone deserves access to affordable financial services with a heart. South Bay Credit Union offers all the important financial products and services you would get at a big bank, but at a better value and with a genuine commitment to uplifting our South Bay communities.
