The Credit Union Difference Part II – What’s In A Membership?

As a member of Destinations Credit Union, you are uniquely positioned to manage yourteller counting money to customer finances and watch your money grow on the best possible terms. Like the member of an elite club, you are entitled to exclusive privileges and individualized service, courtesy of your credit union.

Let’s take a quick look at some of the benefits you can enjoy as a member of Destinations Credit Union.

1.) Highly personalized service

Credit unions are well known for the highly personalized and attentive service they provide to members. A 2017 American Customer Satisfaction Index Finance and Insurance Report found that members rate credit unions with better service than banks, scoring an average of 82 out of 100. It’s part of what makes credit unions unique.

When you step through the door of Destinations Credit Union, you know you’ll always be welcomed by familiar faces, warm smiles and friendly greetings. There are no aloof tellers who don’t know you or your financial situation  – just our helpful service representatives who treat you like family. No matter your age or stage, our Member Service Representatives are happy to guide you through any monetary challenge and assist you in reaching your financial goals.

At Destinations Credit Union, our outstanding member service means we’re personally invested in your financial well-being and only want to see your success. To that end, we’ll grant you a loan quicker than most big banks, graciously looking past some tarnished credit history and skipping the overly thorough background check. We also host financial education seminars for our members and the larger community throughout the year, enabling you to broaden your money knowledge and to learn how to make smarter financial choices.

2.) Increased value for your money

As a not-for-profit cooperative, your credit union has modest overhead and marketing expenses. Destinations Credit Union is proud to pass these savings on to you in the form of low or no account fees, better loan terms and higher dividend payments on your savings.

According to a report by the Credit Union National Association (CUNA) that studied credit unions in Maryland from March of 2017 through March of 2018, Destinations Credit Union provided average financial benefits that were equivalent to $95 per member and $203 per household. Another 2018 study performed by Bankrate found that 84 percent of the nation’s 50 largest credit unions offered their members checking accounts with no monthly maintenance fee. Here at Destinations Credit Union we’re proud to offer our members the same; our Checking Accounts are completely cost-free, and we pay interest on some accounts.

At Destinations Credit Union, we don’t have to answer to outside investors. This enables us to be more attuned to your needs without worrying about increasing our own worth. Our not-for-profit status frees us to offer you optimal terms on Share Certificates, Savings Accounts and more. It’s more money in your pocket just for being a member of Destinations Credit Union.

3.) A voice in how the credit union operates

As mentioned, your credit union does not need to answer to stockholders. Instead, Destinations Credit Union is member-owned, operating with only your best interests in mind.

As a full-fledged member of Destinations Credit Union, you have a voice in how your credit union runs. You are invited to cast your ballot in our [annual] elections in which we vote on a volunteer board of directors. The board is then charged with oversight of the credit union and forming all official decisions regarding the way the credit union operates. Our board is comprised of members of the credit union, just like you. This means the decisions they make will always be advantageous to our membership and to the general community instead of trying to pander to outside stockholders. We’re all about doing what’s best for our members.

4.) A chance to give back to the community

Here at Destinations Credit Union, we’re strong believers in giving back to the community. We support many community initiatives and organizations, and we are committed to making decisions that benefit the entire community. We are especially invested Operation HOPE, a cause that is dear to our hearts. Anyone in the community can get no-cost access to a financial well-being counselor.

When you choose Destinations Credit Union, you’re choosing to give back to the community, too.

As a member of Destinations Credit Union, you are entitled to enjoy all of these benefits and so much more. Whatever your particular needs are, we’re here to help you manage your finances every step of the way. Call, click, or stop by [credit union,] today to learn how to make your membership work for you in the best way possible.

Experience the credit union difference.

Your Turn: What does your credit union membership mean to you? Tell us all about it in the comments.

SOURCES:
https://www.creditkarma.com/advice/i/difference-between-credit-union-and-bank/%3Famp

https://www.thestreet.com/amp/personal-finance/credit-unions-vs-banks-14626262
https://www.nerdwallet.com/blog/banking/credit-unions-vs-banks/

The Credit Union Difference Part 1: The History Of Credit Unions

As a member of Destinations Credit Union, you know that credit unions are always blackboard with columns for banks and credit union pros and consstriving to serve their members and community in as many ways as possible. We value each member’s input as an equal owner in the credit union, and offer flexible loan terms as well as low-cost accounts. We also reward our members with higher dividends, and proudly donate our time and our resources to community initiatives and organizations.

This article is the first in a series celebrating the history, contributions and benefits of credit unions.

Both credit unions and banks provide those they serve with a broad range of financial services and products. However, there are multiple distinctions between the two institutions. The primary credit union difference lies at its core: Banks are created to generate profit for their owners; credit unions are created to provide members with a place to manage their finances at the best possible terms.

The noble goal of putting members first is deeply rooted in the rich history of the credit union movement. Let’s take a quick look at the backstory of credit unions and how they came to be the thriving financial institutions we know today.

The first credit union was established in 1864 by Friedrich Raiffeisen in rural southern Germany. Raiffeisen believed his neighbors and friends could enjoy an enhanced standard of living if only they had access to common funds. He proposed that all community members pool their resources so individuals in need of loans could easily access the necessary funds. Raiffeisen’s idea was well received by his community, and the first credit union model was soon established.

In 1909, the credit union movement crossed the ocean to reach American shores. With Edward Filene serving as its pioneer, the movement gained momentum and continued its growth. In 1920, Edward hired attorney Roy F. Bergengren to assist him in generating the movement’s expansion. Roy soon created a more systemized concept for the credit union model we know and love today.

Credit unions were gaining popularity and popping up all over America, but it was only in the 1930s that the credit union movement achieved federal recognition and national acceptance.

When President Franklin Delano Roosevelt signed the Federal Credit Union Act into law in 1934, federally chartered credit unions in every state became legally authorized to create a system of not-for-profit cooperatives to promote thrift and sound financial practices.

The Federal Credit Union Act enhanced the public’s confidence in the credit union movement, and it continued to spread across the country. In 1970, that sense of security grew stronger when the National Credit Union Share Insurance Fund (NCUSIF) was established. Credit union deposits gained federal insurance that functions much in the way the FDIC insures bank deposits. Your money is always safe at Destinations Credit Union!

With the credit union movement growing at its most rapid pace, prospective members flocked to join the new member-owned financial institutions being established all over the U.S. In fact, between 1970 and 1979, credit union assets in America tripled.

In 1977, another credit union-friendly regulation was signed into law, empowering credit unions to offer more services and products to their membership, most notably mortgage lending and share certificates (which function much like CDs).

Today, the credit union movement continues to thrive in the path charted by its predecessors and is backed by the “full faith and credit of the United States Government.” These not-for-profit institutions serve their 103 million+ members by always putting their members’ needs first and helping them achieve their personal goals through sound financial practices and targeted advice.

Here at Destinations Credit Union, we’re proud to be a part of the collective institutions dedicated to the credit union mission. At the core of our values is an unwavering commitment to creating mutual benefits for members and the larger community. To that end, we are always here to help our members and enable them to optimize their savings or manage finances as smoothly as possible. Our innovative banking solutions, low fees and high dividend rates, along with personalized service, helps members achieve and maintain financial wellness no matter the financial goals they have. As a member-owned institution, our only objective is your satisfaction and your success.

Credit union history is still in the making. Be a part of it by calling, clicking or stopping by Destinations Credit Union today to learn about our exceptional financial products and to benefit from our highly personalized service.

Experience the credit union difference!

Your Turn: How does the core credit union value impact your finances in a positive way? Share your thoughts with us in the comments.

SOURCES:
https://www.mycreditunion.gov/about-credit-unions/historical-timeline

https://www.thebalance.com/national-credit-union-share-insurance-fund-ncusif-315404
https://www.creditkarma.com/advice/i/difference-between-credit-union-and-bank/%3Famp
https://www.nerdwallet.com/blog/banking/credit-unions-vs-banks/

10 Reasons To Be Thankful For Your Credit Union

We often take life’s many gifts for granted by failing to appreciate them deeply enough.man shaking woman's hand over a desk Thanksgiving offers the perfect opportunity to reflect upon everything that is wonderful in our lives and to show our gratitude for each and every gift we’ve been given.

This Thanksgiving, give thanks for your credit union! Let’s review 10 reasons to be grateful you belong to Destinations Credit Union.

Personalized member service

At Destinations Credit Union, you’re always greeted with happy faces and representatives who are ready and willing to help you. There’s no cold, sterile atmosphere here! Instead, at Destinations Credit Union, every member is part of the family. We’re truly invested in your financial wellness and we’re here to help you achieve and maintain it, every step of the way.

You have access to better savings rates

We’re not paying dividends to stockholders, and that means we have more savings to pass back to you. At Destinations Credit Union, we’re proud to offer you share certificate, high yield and savings rates that are well above the national average.

We make it easier to qualify for credit

The absence of a national bank corporate office enables us to be more flexible about extending credit. We set our own underwriting standards! That makes it easier for you to borrow, even if your existing credit isn’t perfect.

We offer lower interest rates

Need a stash of cash? Stop by Destinations Credit Union and take your pick of loans: personal loans, home loans, auto loans and more, all with reasonable interest rates that are often lower than the regional or national average. We’ll help you get the funds you need with a payback plan you can actually afford!

Your money is safe here

Federally insured credit unions and banks both offer insurance on accounts of up $250,000. But credit unions are also subject to strict regulations on their investments and loans. This means you can keep your money here without worrying about its security.

Free Checking Accounts

Our checking accounts exist to provide you with a safe, convenient place to store your money-not to milk you for it. Checking accounts at Destinations Credit Union are free to set up and maintain.  You’ll have your choice of our free no-frills checking or our high-rate rewards checking account.

Conversely, according to a MoneyRates survey, the average monthly maintenance fee for a checking account at a bank is $12. That’s nearly $150 coming out of consumers’ pockets each year!

At Destinations Credit Union you’ll have a safe place to keep your money without it costing you a bundle.*

You own a piece of your credit union

Credit unions are member-owned and member-operated. You get to weigh in on our major decisions instead of being forced to follow along with whatever the higher-ups decide. Your money=your choices.

We support small businesses

Credit unions are invested in the success of local small businesses. Here at Destinations Credit Union,  we outsource to local businesses, shop at local businesses and obtain professional services from local businesses.  We offer credit union membership to many small and large local business employees and are a proud member of the Parkville Carney Business Association.

Fewer fees

Banks are notorious for slapping consumers with fees at any given opportunity. Here at Destinations Credit Union, we want to help you keep as much of your money as possible. Any fees we do have are nominal and generally lower than what banks demand.

We also want you to have access to your money without worrying about expensive ATM fees. To that end, we provide our members with a large network of ATMs with no cost for withdrawing money.

 You have access to a variety of financial services

At Destinations Credit Union, we’re a lot more than just a gigantic piggy bank. We provide members with an array of financial services to meet every money-related need at every life stage. These include: Credit Cards with no annual fees and low interest rates, Direct Deposit, Wire Deposits, Financial Education and Counseling Services,  Holiday/Vacation Clubs, Holiday/Vacation Loans, Vehicle Loans, Notary Services, Online Banking and more!

As a member of a credit union, your money is always in good hands. Aren’t you thankful you belong to Destinations Credit Union?

*Please note, checking accounts have fees for things like check printing, overdrafts or returned checks.

Your Turn: Why are you thankful for Destinations Credit Union? Share your favorite reasons with us in the comments!  Or, rate us on Google!

SOURCES:
https://www.motionfcu.org/articles/5-advantages-of-a-credit-union-vs-a-bank

http://www.experian.com/blogs/insights/2016/10/top-10-reasons-people-love-credit-unions/
https://www.lovemycreditunion.org/why-join-a-credit-union