You already know how beneficial supporting local is, but did you know that by banking at MMCCU you’re helping support your community?
Banking at a credit union can help keep your money local in several ways:
- Member Ownership: Credit unions are typically member-owned financial institutions, which means that the people who use the credit union’s services are also its owners. This is true at MMCCU! When you deposit money at MMCCU, you become a member and an owner of the institution. This ownership structure fosters a sense of community and allows us to reinvest in the local area.
- Local Focus: Credit unions often have a strong community focus, and this is true at MMCCU. In general, credit unions are more inclined to lend money to local businesses and individuals because they are rooted in the community and have a better understanding of local needs and opportunities. This can help stimulate the local economy and keep money circulating within the community.
- Lending Practices: Credit unions typically prioritize responsible lending to their members, which is true at MMCCU. They may offer competitive loan rates and terms to local residents and businesses, helping them access the funds they need to grow and prosper locally.
- Profits Stay Local: Unlike for-profit banks, credit unions are not driven by the need to maximize profits for shareholders. Instead, any profits generated by a credit union are often reinvested in the organization or returned to members in the form of lower fees, higher savings account interest rates, or better loan terms. This can benefit the local community by providing more affordable financial services.
- Community Involvement: Credit unions often engage in community outreach and support local initiatives, charities, and events. By actively participating in local events and projects, credit unions contribute to the overall well-being of the community. MMCCU is proud to support many local organizations!
- Local Decision-Making: Credit unions typically make lending and financial decisions at the local level. This means that loan approval and other financial decisions are often made by people who have a direct connection to the community, which can lead to more personalized and community-oriented financial services.
It’s important to note that credit unions vary in size and scope, and their impact on the local community can vary accordingly. Some credit unions are small and serve a specific neighborhood or community, while others are larger and serve a broader membership base. However, the underlying principle of prioritizing the needs of their members and the local community is a common characteristic of credit unions.
At MMCCU, this dedication to local is our passion!
