Why Use a Credit Union?
Tuesday, Jun 23 2020
You see several big banks, regional banks, and community banks, yet one or two credit unions in the area, so how do you choose the right fit for you? It is hard to tell differences in banks, but a little easier to see the advantages that credit unions offer. Our entire existence revolves around our customers, not making a profit.
What Makes a Credit Union Different?
Credit unions are a member-first banking institution that offers financial services, part ownership, and community outreach toward the union’s growth. The non-profit organization operates like any other bank. Deposit or withdrawal money from the checking and/or savings account offered at the credit union. Because it’s non-profit, the members enjoy any profit gained in the form of reduced interest rates, reduced fees, and favorable loan rates. Our community outreach, for example, teaches customers about finance and helps small businesses with financing.
Watch the replay of our last training on Combatting The Coronavirus Financially
Focus Federal Credit Union equally values its members, who are the backbone of any credit union. Credit union members do more than accept the status quo. Members can speak up and state their opinion about the union’s changes and concerns because members are more than customers. The members can vote on issues and vote for a board of directors because they have a share of the business. New members can join through existing members, an employer, a school/college, a third-party organization, or proximity from the nearest one.
To become a member at Focus Federal Credit Union members work, live or worship in one of seven counties: Oklahoma, Cleveland, Canadian, Lincoln, Logan, McClain and Grady.
Benefits of Joining a Credit Union
Are there benefits not mentioned previously? Besides favorable banking rates, customer emphasis, part ownership, and community outreach, these are more benefits of joining a credit union.
1. The excellent credit card offers
You can’t go anywhere in this country without plastic, so a credit card is mandatory. However, interest rates are very costly at banks. A credit union offers lower interest rates and lower fees for credit cards than banks. The credit union also offers financial classes to teach members how to stay out of debt.
We offer 3 types of credit cards all through MasterCard with rates as low as 8.99%. With benefits like 25-day grace periods, no transaction fees and no annual fees.
2. Bad credit/no credit forgiveness
We have many programs to help our members who have bad credit or no credit. Options for student checking, fresh start checking and even an alternative checking account. Because we know our members, we are able to be more sympathetic with bad credit and no credit members. We have loan officers who are available to discuss loan options. The loan officer will find a loan that matches your situation so you can pay off that bill or get back on your feet. In fact, qualifying for loans in the credit union is more forgiving than more strict banks. We try our hardest to make the approval steps an easy process.
3. Personalized credit assistance
Doubling down on bad credit and no credit members, credit unions offer credit assistance for members with poor credit scores. We offer time with a Financial Services Representative to create a personalized plan. Then, our knowledgeable Representative will discuss your credit score and can offer ways to improve the score, including rebuilding credit and your path forward. We make it a priority to help our members raise their credit score.
4. Insurance protection
Banks rely on FDIC to protect bank accounts. The FDIC offers up to $250,000 per account in reimbursement if a bank fails. Therefore, you are more likely to see mergers than bank closures. With credit unions, our version of FDIC is the NCUA, or the National Credit Union Administration. Like the bank, NCUA offers up to $250,000 per account in reimbursement if a credit union needs insurance. So with a credit union your accounts are protected.
5. Customer service
At some financial institutions customers are treated like a number. The customer service department at a credit union has a personal touch. The representatives know your name, care about your business, and are rooting for your financial success. Even if you have found yourself out of work we do what we can to help you succeed.
Why Use Focus Federal Credit Union?
Why choose Focus Federal Credit Union when I can use a credit union elsewhere? Focus is a member-focused banking institution offering competitive bank services, member-only savings, and a part-owner share. We offer personalized service to our members because our members have different financial needs. We strive to make certain our members’ financial needs are met. Meanwhile, banks view customers as one-size-fits-all, willing to squeeze a square peg into a round hole to meet payroll and profit.
What makes us stand apart is our branch accessibility. We allow our members access to their money in over 5,000 banking service centers across the country. Some centers include extended hours and weekend hours for money access on your schedule. ATM lovers will like the accessibility to over 100,000 surcharge-free ATMs nationwide. There’s also up-to-date online banking similar to the experience at the local bank.
A second accessible tool is a personal Financial Services Representative. Instead of communicating to a different rep accessing your information each time, contact your assigned rep for questions and concerns each time. The rep knows your name and understands your finances, so there’s a personal connection. In turn, the representative becomes an expert on your finances, offering the best solutions tailored to your goals.
Don’t Just Use a Credit Union. Become a Member at Focus Federal Credit Union
“Focusing on the financial goals of our members while providing superior customer service” is our main focus. With over 65 years of experience in this arena, we still treat our current and upcoming members like family. Focus will always focus on you first. Just because there are several banks available in the area, it doesn’t mean it’s the right choice. A credit union is a right choice. Focus Federal is the best choice. Become a member of a well-respected credit union rooted in Oklahoma who cares about its community. Reach out to us and talk to a representative about becoming a member today, call 405 230-1328.