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Credit unions are an important part of our community. The members of your credit union are your friends, family, co-workers and neighbors. They care enough about where they live to invest their money locally by keeping savings accounts and their other banking matters “in the family.”

The strength and stability of a credit union comes from its members. The more members a credit union has, the more value it can provide to the membership as a whole – especially when the members do all or most of their banking with the cooperative that they collectively own. As a credit union grows, it can offer better services at more competitive rates and with fewer or lower fees. That’s the power of community support.

To keep up in a crowded marketplace, credit unions need to grow. Corporate financial institutions do this by selling stock in their company. But they are less accountable to their customers and more accountable to investors and paid boards of directors who probably live far away from the institution’s community. The constant drive to appease shareholders often propels the bank’s leadership to make decisions that may be immediately advantageous, but highly detrimental for the long term. Contrast this with credit unions, which are wholly owned by their members, who receive their shares of the revenue that is generated through better rates, lower fees, investments in technology and more. But a credit union needs to attract new members to continue the growth that makes all that possible.

When the credit union grows, the whole community benefits from that growth as well. We’re always looking to offer more and better services to our members. We want to continue to be the financial institution of choice for the community.

As a member, you know the benefits of doing business with the credit union.

• Free checking and ATMs nationwide
• Better rates of return on deposits
• Low-cost financing for autos and mortgages
• Low rate credit card with rewards
• Youth and teen accounts
• Unbeatable member service

Share the wealth and benefits of Advancial with your friends and family today!

It can be difficult to tell the difference between a credit union and a bank. There are a lot of similarities between the two; they both offer checking accounts, credit cards, auto loans and other financial products. However, there are a few distinct differences that set credit unions apart.

Credit unions are member owned, not-for-profit companies. That means you get a lot of great, free benefits – like lower loan rates, high deposit rates and little-to-no service fees. Once you have an account, you become a member and a part owner in the company. That’s why we say our accounts earn dividends, not interest. Banks pay profits to their stockholders or owners. That means you get stuck with higher interest rates and less flexible loans.

Credit union memberships are based on commonality, such as a specific community, organization or place of employment. We’ve created a warm, family environment, so any immediate family member is also eligible to join. You’ll get more value and a more affordable banking experience with Advancial.

Creature comforts like smartphone bank deposits are nice, but how much are they costing you? Your statement might not show the costs directly, but there’s an old adage about situations like this: If you’re not paying for a service, you’re not the customer. You’re the product. In this case, corporate banks use slick technological bells and whistles to get you in so you’ll be more likely to take out loans and use other for-pay services.

If you’re tired of being treated like a product, you’re not alone. Last year, 2 million people between the ages of 18 and 35 joined a credit union. In fact, 28% of credit union members are under 35 while 54% of them are under age 50. The tools of technology are making it easier to see the value that credit unions offer.

Don’t just take our word for it. Do your research and see for yourself how credit unions compare to for-profit banks. Consider these five categories:

1.) Ease of service

Here’s a fun game. Call a corporate bank with a simple request, like checking the balance of a savings account. Count the number of irritating phone tree menus you have to sift through before you could talk to a real person who could answer your question. You win when you get frustrated and slam the phone down in anger!

For-profit banks have earned a reputation for cumbersome customer service and out-of-touch policies. Getting information on financial services, like credit repair or auto loans, means sitting on hold for hours. Credit unions, on the other hand, provide easy-to-use services and real, live human beings who can answer questions, make recommendations and help you understand the complicated world of finance.

2.) Lending practices

For-profit banks answer to corporate owners. They expect a predictable, stable rate of return on their investments. This demand puts a straitjacket on lending and ensures those practices never deviate from a predetermined formula. Take income, multiply by credit score, divide by two; that’s the interest rate they’ll charge.

However, let’s pretend you just got a new job, so last year’s tax returns aren’t a good indicator of how much you are earning. That’s not in the formula, so it doesn’t matter. Credit history ruined by an old medical bill? Corporate banks stop reading after the first three words of that sentence. In short, there’s no room for flexibility and interest rates tend to be much higher.

Credit unions are community institutions, so helping people out is part of what they do. Their rates tend to be lower than those of corporate banks. They also tend to be more willing to make exceptions for details that may not be reflected in the conventional lending formula.

3.) Online banking is everywhere

In the wild west days of the internet, only corporate banks could afford online banking. Now, your pet gerbil can have his own website. The internet is everywhere and credit unions are on board. The services you use every day, like online bill pay, direct deposit and checking on account balances are just a click away. Credit unions are increasingly integrated with e-commerce services like Paypal and Square, making it easier than ever to send and receive money electronically.

Individual smartphone apps and other gimmicks don’t provide a whole lot of extra service. A disappointed 67% of young people say mobile banking services at banks don’t measure up to their expectations. Most people don’t handle paper checks anymore, so banking from the computer is all most consumers really need.

4.) Educational resources

Corporate banks have historically made a killing by keeping people in the dark about their practices. Credit card companies made it hard to tell exactly how much interest you were being charged. Banks charged overdraft fees without ever telling you they were doing it. These things got so bad, Congress took action. Consumer ignorance was built into the profit model of big financial institutions. Educating consumers was not just a waste of money to them, it was actually costing them business.

Credit unions are not-for-profits that want to make their communities a better place. Part of that mission includes financial education. If you need advice about homebuying, making a budget or using credit responsibly, your credit union will be happy to help.

5.) Savings

Credit unions work for their members. They pay back the money they make to their members in the form of dividends. Since their members are also the people paying for their services, they don’t have much of an incentive to charge an arm and a leg in interest and fees.

Credit unions also offer competitive rates on savings accounts and CDs. Because they don’t have to siphon off money to pay shareholders, they can return that money to their investors: you know, the people who do their banking with the credit union. Compare the earned interest on a credit union checking or savings account to those offered by a for-profit bank. Then, go open an account at a credit union. You’ll thank yourself later.

Being a member of a credit union is a coup for your finances for many reasons. Here are just a few facts that make credit unions a great option.

Fact #1: President Roosevelt signed the Federal Credit Union Act in 1934 to promote thriftiness and prevent usury during the Great Depression.

Fact #2: Credit unions are insured. Most credit unions are insured by the National Credit Union Administration (NCUA), which provides essentially the same coverage on funds as does the FDIC. If the word “federal” is in the name, they are insured. If not, check with your credit union. It may be state-chartered or have private deposit insurance, or both.

Fact #3: Eligibility is fairly flexible at most credit unions. Most require residency in a certain community, city or state, or that you are employed by the credit union’s sponsor company, also known as a Select Employee Group (SEG). But requirements are pretty broad on most, making eligibility at a credit union a possibility for almost anyone.

Fact #4: Credit unions are not-for-profit institutions and are owned by the people they serve, not by a few shareholders.

Fact #5: Credit unions can offer better rates on savings accounts, lower interest rates on loans, and little or no fees on accounts because they are exempt from federal taxes. Credit unions still pay state taxes.

Fact #6: The credit union’s board of directors, which is elected by members, can set loan limits in an effort to help the credit union grow.

Fact #7: Credit union members have democratic control of the credit union and can attend and participate in regular and special membership meetings.

Fact #8: Nonmembers benefit from credit unions too. Competition for low rates keeps banks’ fees in check, thereby benefiting nonmembers.

Fact #9: With more than 5,000 credit unions across the globe and access to tens of thousands of ATMs, credit unions are increasingly convenient on a national scale.

Fact #10: Once you are a member of a credit union, you stay a member for as long as you maintain your deposit account (share), regardless of whether or not you continue to meet the original eligibility requirements.

College is in your rearview mirror, and you're about to enter the working world. Although snagging a job certainly calls for a celebration or two, it is also time to start tackling the various financial responsibilities that await you, like saving for retirement and improving your credit score.

Here's an overview of where to get started, including several best practices to help you along the way.

Keep credit card debt to a minimum

In 2018, households with unpaid credit card balances owed an average of about $15,000 on those cards, which can damage credit scores and make it difficult to qualify for low interest rates on auto loans and mortgages.

Once those first paychecks arrive, it may be tempting to max out your plastic for some new shoes or that must-have gaming console. Do everything in your power to resist that initial urge. While it's OK to splurge from time to time, it's important to keep debt as low as possible.

Contribute to a retirement account

Stashing away cash for retirement starting at an early age is one of the best money moves you can make. Your savings will have decades to multiply thanks to the wonders of compound returns, which lets you earn money on what your money earns.

If your employer offers a 401(k) retirement plan, be sure to take advantage of it. Start by contributing at least 10% of your monthly income and try to gradually work your way up to 20%. Individual retirement accounts, or IRAs, can also provide investment vehicles in which most people can put up to $5,500 each year. Both 401(k) and IRA contributions may reduce your taxes, too.

Build an emergency fund

Gone are the days in which you could call up your parents for a quick injection of cash. Once you begin earning a steady salary, set some money aside for unexpected expenses. An emergency fund should consist of three to six months' worth of living expenses. Because you'll never know when you might need that money, keep it somewhere safe but within easy reach, like your savings account.

Keep an eye on your credit score

To improve your credit score and pay your bills on time. Regularly practicing this kind of responsible behavior should give your score a substantial boost over the years.

The bottom line

Although it'll take some effort, making smart money moves at a young age doesn't have to be a huge hassle. Just remember to pay attention to your retirement savings and make sure that your spending habits don't result in massive amounts of debt. Before you know it, you'll be able to toast to a secure financial future.