Why Choose a Local Credit Union

Marshfield Medical Center Credit Union > Financial Literacy > Why Choose a Local Credit Union
local credit union

With an unprecedented variety of banking options available to consumers, local financial institutions are perhaps even more integral to the success of the communities they serve than ever before.

Since the rise of megabanks in the last two decades, four megabanks have emerged to dominate the financial services industry: Citigroup, JPMorgan Chase, Bank of America, and Wells Fargo.

As these bigger financial institutions grew, so did their problems, as the housing bubble burst in 2008 and the resulting financial crises revealed. Families and businesses suffered in the process, and consumers realized that they wanted their hard-earned money to go towards a trustworthy financial institution that had accountability to its customers and community.

Community credit union profits stay local, with money earned being funneled right back into the community by means of salaries, investments, capital improvements, and discounted services.

Local credit unions also give back with charitable donations to local organizations and financial support to youth programs. A credit union’s health is tied directly to the community it serves, and those who bank locally are helping their neighbors and local businesses thrive.

Consumers benefit from choosing a local credit union through:

  • Lower fees
  • Personalized attention
  • Plenty of service options
  • High quality service
  • Higher ethical standards
  • Local decision making
  • Stability

Businesses also benefit, through:

  • Local decision making
  • Relationship-based banking
  • Faster decisions
  • Loan connections
  • Collaborative lending

Local economies benefit from local credit unions. Community financial institutions provide a significant amount of small business loans country, including national agricultural loans. The impact is high, with this money directly benefiting the community.

Additionally, large banks have branches in other states and across the country, and disperse their money in the form of loans and investments. When banking is done locally, that money stays local. Plus, banking policies are made by the people who live in the same community and know it best!

If you’ve been a proud local credit union customer for years, please share your experiences and reasons for choosing local! We may publish your experiences!

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