CRI Home Page > About Credit Unions > Benefits of Credit Union Membership

For twenty years running, the American Banker/Gallup survey has ranked credit unions tops in consumer satisfaction and service. As not for profit financial cooperatives, credit unions don't answer to outside stockholders, but to 87 million Americans who are members. Source: Michigan Credit Union League A study by the National Economic Research Associates points out that the availability of attractive pricing from credit unions pressures other financial institutions to provide attractive rates and services. Source: Michigan Credit Union League Michigan credit unions provided $187.7 million in direct financial benefits to its 4.42 million members during the 12 months ending in June 2005. This is equivalent to about $43 per member. Source: Credit Union National Association 43% of Michigan credit unions surveyed hosted or coordinated at least one community involvement event. Of these, the average credit union hosted or coordinated 7 such events.

Credit union members benefit in a number of ways from access to services from a cooperative, not-for-profit financial institution, among them:

Superior Customer Service
Credit union members enjoy excellent service—transaction after transaction, year after year. For 20 consecutive years, the American Banker has polled credit union members and bank customers, and each year service satisfaction levels are higher at credit unions than at banks. The survey also consistently shows that fees are lower at credit unions.

Better Value
Credit unions offer consumers the complete package—good rates, low fees, great customer service—and the opportunity to belong to a financial institution that puts people before profits.

Consumers are Worth More at a Credit Union
When you’re a credit union member, you’re more than a customer. You’re an owner, which means you’re in control. You elect your credit union’s board of directors on the basic democratic principle of one member/one vote, and can even run for a board seat if you so choose.

Under a bank structure, stockholders hold influence based on the total value of their shares. A stock-owned bank will focus more on maximizing shareholder profit and less on customer service.