Breaking down the differences between banks and credit unions


you know finances can be really confusing and there are banks of course and then there’s also credit unions many people might wonder what’s the difference between the two Evan Carter with first florida credit union is joining us this morning with some common misconceptions about credit unions and how credit unions are different from banks that’s the first thing we have to talk about because they are very different they are they are good morning actually thank you so I’ll tell you one of the big differences between a traditional Bank integrating is that cranes they’re member owned meaning that you’re gonna get a level of customer service that you may not be accustomed to at a traditional bank you’re an owner and we’re gonna treat you like an owner now another aspect of cranes that are so different is that they are they’re nonprofit organizations and with you being an owner the reason why this is advantageous it’s because as the crating expanse it makes money its able to take those profits and give them back to the members give them back to the owners and that can mean higher interest rates on the deposits that you make it can also mean lesser fees for the products and services that we offer better incentives and better interest rates on the different loans and credit cards that we offer now another thing that really makes the crate units different than banks and this was really important and it’s the community involvement that credit unions offer now we noticed with Millennials one of the things they’re looking for is they don’t want to just know what’s in it for me they want to know what are my actions and how is it affecting my local community how is it affecting my society credit unions what their local involvement they are involved in many other organizations and charities and with that direct involvement this is a wave that Millennials their actions and their money can have a direct influence on those charities and their local community around them a little more of a local business feel than just a corporation exactly and totally agree with you I financed my car through a credit union and fabulous interest rate I mean it was ridiculous how great I felt like I was stealing like it was so great and it’s just a different it is a different relationship you’re sure so what about the current trends in credit union history so I’ll tell you as of late the big trend is technology and I think it’s kind of the trend for everybody but technology is definitely the big one Millennials are definitely looking for technology doesn’t to know that I can get mobile banking I can get East statements mobile deposit is my information is my money safe these are all safeguards and technologies that credit unions are constantly updating and this is something they’re working on and this actually brings up a good question about whenever members come in and they have questions about what’s there between credit unions and banks often here misconceptions yes and that is the accessibility to credit union I was totally gonna ask that because I think a lot of people have the misconception that oh it’s a credit union they’re not gonna be up to speed on things yes yes and that’s something that we hear very common and I’ll tell you with the growth it craniums have become widely popular and with the growth of that you’re gonna see more branches popping up as a matter of fact first Florida is actually expanding we have a new branch opening up for a Clay County members on Kingsley Avenue another thing that Koreans do is they participate in what’s called shared branching and that means one Credit Union can’t cooperate with another credit union they will they’ll pull their resources their branches together in order to serve a broader member base that’s wonderful yeah well thank you so much for explaining all that I think that probably answered a lot of questions for people out there and again with first Florida just thanks so much thank you

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