The Benefits of Joining a Credit Union

credit union sign

A credit union is an excellent option if you’re looking for a financial institution that values you more than just an account holder. Unlike traditional banks, credit unions are owned by members, not shareholders, so they prioritize serving the needs of everyone in the organization. As a result, they can offer fewer fees, better rates, and more personalized service. This article will explore the many benefits of joining a credit union.

Member Ownership

A key benefit of being part of a credit union is that, as a member, you’re also an owner. Credit unions operate on a cooperative model, meaning they’re owned and controlled by the people who use their services – their members.

As a member, you can have a say in how the credit union is run. You can vote on who serves on the board of directors.

Minimal Fees

A compelling reason to join a member cooperative credit union is the potential cost savings. Credit unions aim to serve their members rather than to maximize profits. So, they typically charge minimal fees for services like overdraft protection and ATM withdrawals. Many credit unions also offer checking and savings accounts with little or no monthly fees. Over time, this can translate to substantial savings for you. 

Competitive Savings Rates

Besides minimal fees, credit unions also serve their members’ best interests by providing high yields on savings accounts and saving certificates. With higher returns, every dollar you save earns more over time. It may not seem like much at first, but over the years, these superior rates can significantly impact your savings.

Affordable Loans

Similar to savings accounts, every percentage point matters when securing a loan. Credit unions offer some of the most affordable interest rates out there. And these lower rates can translate into massive savings over the life of your loan, making big purchases—like a dream car or home—more manageable and budget-friendly.


Another advantage of credit unions over traditional banks is their flexible lending criteria. Besides your credit score, their helpful commercial lenders check your financial situation to grant loans. This can be especially beneficial if you’re seeking a loan but have less-than-perfect credit. 

Personalized Customer Service

One of the most notable benefits of joining a credit union is their personalized service. When you become a member, you’re not just another customer but a part of the community. The staff is usually more available to assist you. They also take the time to understand your unique needs and financial situation to offer advice and solutions that best suit you.

Join Sharefax Credit Union

If you’re searching for a trusted financial institution in Southwest Ohio, join us at Sharefax Credit Union. With us, you’re part of a community that genuinely cares about your financial success. Apply online or visit one of our six locations to join our credit union today!