April 3, 2012

Credit Union vs Bank

If you’d like to keep more money in your wallet, you should consider doing business with a credit union instead of a bank.  Banks are in business to make money for themselves, whereas credit unions are run by the membership.  Not only are interest rates on mortgages, car and personal loans generally lower at a credit union, the interest rate you can earn on funds you deposit into a checking or savings account  is usually higher than what you’d earn at a traditional banking institution.

Most credit unions offer the same services that banks do – savings accounts, checking accounts, online banking, debit cards, credit cards, overdraft protection, etc.  Membership requirements will vary by establishment, but most credit unions open membership to a large demographic and even if you don’t qualify yourself, you can often qualify through a family member.

There are three credit unions located in the Chillicothe and Ross County area:

Atomic Employees Credit Union’s main branch is located in Waverly, with other branches scattered throughout southern Ohio.  The Chillicothe branch is located on N. Bridge St., next to Chipotle Mexican Grill.  Membership is open to anyone who resides, works, or worships in one of 14 counties, as well as their families residing elsewhere.

Chivaho Federal Credit Union is located on the grounds of the VA Medical Center on State Route 104 in Chillicothe.  Membership is open to anyone who lives, works, attends worship or school in Ross County.

Homeland Credit Union has two offices in Chillicothe, as well as offices in Circleville, Greenfield, and Waverly.  Membership is open to anyone who lives or works in one of nine southern Ohio counties.

With the number of credit union locations available in south/central Ohio, there’s no reason to give your money to a faceless national bank.  Keep your money in Ross County and support your local community.

I’ll be blogging every day of the week (except Sundays) during the month of April for the A-Z Blogging Challenge. Each post will be on a topic that corresponds with the letter of the alphabet scheduled for that day.


Whole Foods Living said...

I've used a credit union ever since I started saving my pennies. Thanks for explaining the differences. I had no idea! I just followed in the footsteps of my mother! ~ Angela, Whole Foods Living, http://www.wholefoodsliving.blogspot.com/

Jennifer @ Solo Travel Girl said...

I'm a creature of habit and sad to say, I haven't looked into a credit union. Being a government employee, I know it's something I should do - it just makes financial sense.

Francene said...

If I lived there, I'd do just that. Keep your income local and support each other. However, I live in England and I'll do the same here.

John said...

Credit Unions are great alternatives to mean old banks, lol. Being a teacher, I bank with good old Teacher's Federal CU. Nice post!