What’s the real difference between a bank and a credit union? This is actually a pretty common question we get asked around here, especially by those who are considering new membership with Telcoe Federal Credit Union.
The actually is actually pretty simple! Watch in our latest video below, as Ken describes how banks differ from credit unions and why we believe that your experience with our local credit union will be the best financial decision you’ve ever made.
First of all, credit unions are nonprofit financial institutions that are owned by its members. That’s right - if you’re a member of Telcoe Federal Credit Union, you actually have a personal stake in the company. This is significantly different from a bank, which is owned by shareholders and stockholders who intend to make a profit. Knowing that we’re member-owned provides us the opportunity to give you the best financial services you’ll find anywhere because we work for you.
So if Telcoe Federal Credit Union isn’t working for profits, what exactly are we working for? What matters most to us here at Telcoe and the reason behind everything we do is the financial stability of our members. Our goal is to make sure every product and service you receive is the best possible deal you can receive anywhere. For example, if you finance a car, we want you to have the most competitive rate available.
We also want to educate our members on their finances, as financial literacy is of the utmost importance to all of us here at Telcoe Federal Credit Union. Educational services are something you’ll rarely find at a bank that’s actually very common for credit unions. To learn more about a few of the money management tools we offer our members and other educational resources, click HERE.
Looking for a local auto loan, Little Rock? We’ve got them here at Telcoe. Want to learn more about our local credit union or have questions about our services, including low rate credit cards, free checking accounts, or types of mortgage loans? Visit us online at www.telcoe.com!