Is a Credit Union Right for Your Family? 5 Benefits You Might Not Know

4 MIN. READ

 

Key takeaways:

 

• Credit unions differ from banks in the way they operate and collect fees.
• Banking with a credit union means paying less for the banking products you use.
• You can also count on credit union representatives to deliver personalized advice for your financial success.
• If you’re in South Florida, joining Power Financial Credit Union is easy and will give you access to great banking products with no overdraft fees.

Where you bank is one of the most important financial decisions you’ll ever make.

It determines what banking products you have access to and how much you spend on fees. It also influences how much support and guidance you receive.

In South Florida, nearly 35,000 members have chosen Power Financial Credit Union for this important decision. Here are the top credit union benefits that guided their choice.
 

Credit Unions Put People First

It’s important to know how credit unions operate and what they do differently from banks to fully understand the pros of banking with one.

Have you ever wondered why credit unions tend to be smaller? It’s because they have very different goals. Major banks exist to earn a profit, grow, and secure investments from Wall Street. This model means large investors often have influence over how the bank operates and its priorities.

Credit unions are non-profit organizations. Our goal is to bring affordable banking services to a community and support its financial success. For your day-to-day banking needs, this means a credit union will always put you and your financial needs first.

Instead of focusing on opening new branches across the country, we stay local. The money you deposit in savings accounts goes toward funding loans, which means you’re actively supporting local families and businesses. As we grow, we’re able to offer great banking solutions to more members of the community and support a strong local economy.
 

Credit Union Benefits Include Better Rates and Low to No Fees

Credit unions charge fees to cover operational costs, such as paying employees or maintaining convenient online banking platforms.

However, because we’re not-for-profit, we’re able to waive or reduce many fees. For instance, our members don’t pay overdraft or non-sufficient funds fees. With banks often charging around $35 per overdrawn transaction, the savings add up fast.

We also offer credit cards with no annual and a first-time homebuyer program with no application fees.

When we do charge fees, we keep them as low as possible. Any money leftover after covering our expenses goes back to our members in the form of reduced fees or better interest rates.

Paying less for banking and getting better rates on savings adds up over the years. For instance, credit unions charge an interest rate of 5.82% on 48-month used car loans on average, while banks charge 7.79% for the same product. If you were to finance a $20,000 car, you would pay $468 a month with this average credit union rate and $486 at the bank. Over the full duration of the loan, you’d save $1,000 by choosing the credit union.

Members typically have a say in how they get this money back. Once you join a credit union, you’ll have the option to vote on important decisions or even volunteer to serve as a board member.
 

Personalized Banking Solutions

As a credit union, our goal is to keep growing so we can better serve you and extend our banking products to more members of the community. Our focus is on seeing you succeed, because we also thrive when our community does well financially. It's why we offer genuine advice based on what is best for your unique financial situation.

Our representatives are here to help you navigate the full range of banking solutions we offer, including:
 

• Checking, savings, and credit cards for daily banking.
• Lending products, including car, recreational, and personal loans.
• Mortgages and home equity lines for homeowners.
• Investment options so you can plan for retirement or save for your child’s education.
• Family banking products, including accounts for kids and financial literacy tools.
• Business banking options to support local entrepreneurs.

You can explore all these solutions online or visit one of our South Florida branches to speak with one of our representatives.
 

You’re More Than a Number

Because credit unions are local, our success is closely connected to our community. Seeing our members achieve their financial goals, whether it’s buying a home or starting a business, is good for everyone involved.

It’s why we care about your success and want to give you all the financial tools you need to make it happen.

As you bank with us, you’ll get to know our representatives, who are also members of the community. This is the perfect recipe for building long-term banking relationships and benefiting from personalized advice from people who know you.
 

Becoming a PFCU Member is Easy

Do you live, work, or go to school in South Florida? Becoming a Power Financial Credit Union member is easy. We even have a guide to help you switch your accounts over and start banking with us.

As a PFCU member, you’ll get access to banking products with low or no fees, great advice from our representatives, and a credit union dedicated to the success of your community.

Contact us to learn more about becoming a member or find the nearest PFCU branch.

FAQs About Credit Unions 

Can anyone join a credit union?

Credit unions have requirements for becoming a member. You’ll usually have to live in the area the credit union serves or work for a specific employer.

What’s the benefit of a credit union vs. a bank?

Credit unions offer lower fees and better rates. Plus, you’ll be more likely to get personalized financial advice at a credit union, while a bank might recommend its most profitable products regardless of your actual needs.

What are the benefits of joining a credit union?

Credit unions are not-for-profit, which means you’ll get lower fees or even no fees on the banking products you use. Credit unions also use deposits to fund loans to local families and businesses, directly contributing to the
financial success of your community.

Are credit unions really cheaper?

Credit unions aim to collect enough fees to cover operational expenses. They’re not spending money on opening more branches across the country or funding extensive marketing campaigns, which means you can expect lower fees.