Each time I go out to talk about the credit union, one of my first questions is “Who can tell me the difference between a credit union and a bank.”  I am still surprised that most people don’t understand why we’re different.  Most people can tell me that credit unions offer the same kinds of products and services as banks….checking, check cards, car loans, credit cards, online banking and so on.  That’s true. Some even know that it’s cheaper to do business with a credit union than a bank. That’s also true. But most can’t articulate why our credit union has some of the best rates and the lowest fees in the Baltimore area.

We credit unions are not-for-profit.  Period.  We don’t have to pay outside stockholders.  We pay you, the members who own this cooperative organization.  The way we do that is by providing lower loan rates, higher savings rates and low or no fees.

One objection that I hear a lot is that credit unions are not easily accessible.  While that may still be true of some, times have changed.  Destinations Credit Union participates in two ATM networks that allow you to access your money from more than 60,000 locations all over the country (more than some of the largest big banks!).  Chances are, wherever you live, work or travel, you can get to your money.  You can also use one of the 4,600 shared branch locations throughout the U.S. to conduct routine banking transactions.  And, of course there is the free online banking and bill payment, not to mention mobile banking through your cell phone.  These days, it’s easy and convenient to do business with Destinations Credit Union.

If you are already a member of a credit union, good for you!  If not, you’re missing out on easy ways to cut your banking costs.