Not all financial institutions are created equal.
In fact, the benefits of joining a credit union vs. a traditional bank are huge. Finding the right financial institution is important to your financial success and meeting your goals. Let’s break down what makes a community-focused credit union unique.
While credit unions and banks have similar account and loan offerings, credit unions were founded with the purpose of serving their communities. In fact, the credit union motto is “People Helping People.”
The basis of the credit union difference is ownership.
Because credit unions are member-owned, meaning that you become a member and have ownership in the credit union, you are the priority. Leadership are members elected by other members to the board and serve voluntarily. Banks are owned by stockholders who are not necessarily even customers of the bank.
This means credit unions are free to make decisions based solely on what’s best for members. There isn’t any consideration for making profit for stockholders – since there aren’t any. Community-focused credit unions keep your best interest in mind all the time.
Credit union membership is unique.
Since credit unions are based on membership, they are local and serve the interests of members. Some credit unions were founded by employees and require affiliation through an employer for you to join, while others were founded by community members.
Banks are usually open to the general public and serve anyone. Without the community affiliation, there can be a lack of involvement – especially when it comes to national banks. This disconnect can cause a lack of understanding from both customer service representatives and bank leadership.
In the case of Del-One FCU, as a credit union in Delaware, our membership is based on either eligible employers or eligible locations. Plus, like many credit unions, you can join if your immediate family member or household member is already a Del-One member. You can view our full field of membership here.
Credit unions share resources.
Because credit unions are community-based, they don’t compete with each other as much as banks do. Instead, credit unions share resources such as surcharge-free ATMs.
Thousands of credit unions nationwide are part of the CO-OP® network providing direct, no-surcharge access even when you’re not near your local branch. As a member of a credit union that belongs to the CO-OP network, you get access to over 30,000 ATMs – that’s more than most traditional banks.
So, even if you’re a member of a credit union in Delaware, you can access your money without fees in Maryland, Pennsylvania and more.
We’re here to set you on the path toward financial strength.
Credit unions are more likely to serve people that traditional banks may refuse. We care about our community and place more trust in a person’s desire to repay loans than their ability to repay.
It’s also important to us to not burden members financially! We work with you to figure out how much you can reasonably afford in loans. Loan officers are part of the community, which is a huge benefit of banking with a local credit union in Delaware. We understand where you’re coming from.
A key benefit of being a credit union member are the lower loan rates and higher deposit rates.
As mentioned, credit unions serve members, not stockholders like banks do. We aim to be a dedicated local credit union with the best rates.
Credit unions are not-for-profit, while banks are for-profit corporations. This means for credit unions, earnings are paid back to members in the form of higher savings rates and lower loan rates. For banks, declared earnings are paid to stockholders only.
How does this work?
When a credit union profits more than needed expenses, that money isn’t distributed directly but rather is re-invested in the members’ best interest. Sometimes this might eliminate certain account fees on checking and savings accounts or allow the credit union to offer lower interest rates on loans.
Credit union membership benefits extend beyond just rates.
While joining a credit union can save you money, you also get access to convenient services and helpful resources without extra cost.
- Online Banking & Bill Pay: Log in to your account wherever you are, whenever. Download our free Mobile banking app on the App Store or get it on Google Play.
- Financial Education Resources: Expand your knowledge and get help in the areas you need.
- GreenPath™: Get access to debt management services, financial counseling and more.
- Financial Calculators: We’ll do the math for you to help calculate loan payments, savings and more.
- Member Discounts: Enjoy discounts on insurance, identity theft protection and more.
Plus, since we’re part of the same community, we love to host events and provide fun for you and the whole family.
Each credit union has a unique story.
Since credit unions are part of a community, we all have a history born in the area. Del-One has been proudly helping members reach their goals since 1960. We strive to be one of the best credit unions near you in Delaware and consider our members to be part of our family.
Throughout the decades, we’ve merged with other credit unions, changed our name a few times, and established a foundation to help support our community. With each change, our focus was – and always will be – to empower our members and their communities. You can learn even more about us here.
Interested in how to switch to a credit union?
Joining a credit union with low fees is easy.
Whether you’re new to the area and looking for a local financial institution or switching from a bank, becoming a member is simple. All you need to open an account is:
Proof of eligibility (to fulfill membership requirements)- Valid government identification (such as a driver’s license)
- And $5 for the initial deposit!
Proof of eligibility (to fulfill membership requirements)The $5 deposit is essentially buying your “share” of the credit union. Since members are somewhat like stockholders, this is the deposit that considers you a part-owner of the credit union. It’s also the start of your share account, also known as a savings account.
You can visit any branch location, schedule an appointment, or fill out an online application to join Del-One.
