Acclaimed writer and personal finance guru J.D. Roth is a big believer in avoiding corporate banks, calling himself a vocal advocate of credit unions and small local banks. If you're already familiar with J.D. Roth's financial principles, you'll know he believes in doing what works for you. After all, in Roth's own rags-to-riches story, he paid off his first $35,000 in debt by ignoring the conventional wisdom and tackling his smaller balances first, instead of his large, high interest ones.
J.D. Roth's unshakeable belief in personalized approaches is one of the reasons he loves credit unions. Unlike America's megabanks, credit unions provide services that are oriented toward the individuals they serve. Besides offering friendly, helpful service, there are many practical reasons to bank at a credit union. Credit unions provide an array of benefits that can assist you in getting out of debt, saving money faster and enjoying the best rates on personal and business loans. Here are J.D. Roth's top three arguments for why you should make the switch:
Not-For-Profit - Credit unions aren't hyper-focused on making money from their members. That's because, unlike traditional banks, credit unions are not-for-profit organizations. Their mission statement revolves around giving their members excellent service, such as cutting-edge interest rates and other perks like low banking fees. While "not-for-profit" isn't synonymous with "non-profit," credit unions do make their members a priority.
Member-Owned - Did you know that credit unions belong to their members? Upon setting up an account, Roth says you become one of the owners. Unsure what that means? One example is that the members are tasked with electing the credit union's directors, who are responsible for setting interest rates. You have an active role in your own banking experience.
Community-Oriented - On the whole, credit unions act to benefit their communities. Whether through support of local organizations or providing financial literacy, credit unions are known for enriching the lives of their members and truly making an investment in their communities.
Ready to Make the Switch
Interested in seeing what a local credit union can do for you? Coosa Valley Credit Union invites you to give us a call or drop by one of our branches today. Let us show you how our deposit accounts and banking loans are a cut above the competition. Proudly serving the community since 1954, Coosa Valley Credit Union is committed to helping individuals, families and local businesses meet their banking goals.