Credit Unions vs Banks - How to Decide

All financial institutions are not created equal, and banks are not your only option. Credit unions like Bellco FCU are owned by members, which gives you a say in how they operate. Here are some tips on how to decide which option is better for you.

About Bellco Federal Credit Union

In 1938, Bell Telephone employees formed Bell Telephone Credit Union. They wanted to create a financial institution they could trust, one where they had a voice, and one that would work to help fellow employees obtain hard-to-get loans.

Now, 80 years later, Bellco FCU, a member-owned, not-for-profit federal credit union, continues to offer unique financial products and services to people and small businesses in Berks County, PA. Whether you are looking for home lending solutions, credit or debit cards, auto loans, or an excellent savings program, we have a product that will meet your needs.

Deciding Between Banks and Credit Unions

Credit unions are a terrific alternative to traditional banks. Your money is safe in both types of institutions, but here are some differences that may matter to you.

Structure & profits: If you prefer to leave the details of how your financial institution is run, a bank is a good choice. They are for-profit companies that focus on maximizing profits for their shareholders, and customers have no say about their structure or decisions the CEO or Board of Directors make. 

Credit unions are not-for-profit institutions that are owned and operated by members. Unlike banks, we return excess earnings to our members in the form of friendly service, low-interest rates on loans, high yield investment accounts, and low or no-fee easy access account services. When you join a credit union like Bellco FCU, you become a partial owner and have a say in any decisions we make. Find out how to become a member!

Service: Are you looking for a financial institution that will operate as a ‘trusted partner’ and provide you with personalized service? Most major banks let you withdraw money, transfer funds, deposit checks, and sometimes even open new accounts without ever interacting with an actual person. 

Credit unions are dedicated to the needs of their members and the communities they serve. Bellco FCU’s dedicated and experienced professionals genuinely listen to your needs and offer solutions with the compassion of a true neighbor.

Flexibility: If you have a shaky credit history, issues with your employment, or lack a large deposit account, many banks will deny you a loan or credit card. On the other hand, Bellco FCU and most other credit unions will consider your total financial picture and work with you instead of disqualifying you based on standard income and credit thresholds.

Get in touch with Bellco FCU for more information on how to decide between credit unions and banks and learn which one may better meet your needs. We provide a safe place to save and borrow at reasonable rates with exceptional customer service!