![]() ![]() “In essence, they use the money we deposited to make a real difference right where we live.” “They sponsor school events, provide loans to budding local entrepreneurs and offer financial literacy programs for the underprivileged,” he says. ![]() “It comes down to a blend of personalized service, local community investment and good old-fashioned human connection.”įor example, says Knowles, the tellers at his credit union know his name, remember his favorite cinnamon swirls at the bakery next door and treat him as more than “just another account number.” He also appreciates that his credit union gives to the local community. digital banking at TopMobileBanks, a platform offering information about digital banking. “When I started frequenting a local credit union for my personal banking needs, I discovered a whole new side to the banking experience,” says Branson Knowles, head of U.S. In other words, credit union members invest in each other. And as nonprofits, credit unions return the money they make to its members by offering reduced fees, higher savings rates and lower loan rates, says the NCUA. Depending on the credit union, members may be part of the same group of employers, affiliated with the same organizations or live in the same geographic region. People who bank with a credit union (which is insured by the NCUA) are more than “customers”-they’re known as “members” or “owners,” and they all tend to share a commonality. The rising appeal of the credit union makes sense. According to the National Credit Union Administration (NCUA), the credit union system’s net worth increased in 2022 by more than $21 billion (or about 10%) to about $233 billion. But an increasingly popular banking choice is a credit union, a nonprofit financial institution owned and controlled by the people who use its services. We also reserve the right not to post a comment that we believe is false, egregious, or unrelated to the proposed merger.įor more information, please refer to NCUA’s Letter to Credit Unions, 18-CU-03, “Member-to-Member Communications Process for Federally Insured Merging Credit Unions.” Merging Credit UnionOr many people seeking a savings and checking account or hoping to secure a loan, a bank is their first stop. ![]() We are posting them only to facilitate dialogue among the members of the proposed merging credit union. The NCUA does not endorse, approve or disapprove comments or any reasons stated in support of or against the proposed merger. Please note that we will not post any attachments submitted. ![]() A comment received four business days prior to the member vote meeting may not be posted until after the meeting. We will review, redact and post submitted comments within four business days of receipt, up until the date of the member vote. As a result, do not include any personally identifiable information in your submitted comments or attachments. The NCUA will post your name along with your comments. To submit comments, find your credit union in the table listed below and use the link to go to the credit union-specific comment area. (You will be leaving and accessing a non-NCUA website.Īllow credit union members to comment on the proposed merger of two federally insured credit unions. The NCUA’s Rules and Regulations (opens new window) ![]()
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