Throughout the next couple of months, we will be sharing a blog series highlighting the top eight reasons you should break up with your bank and consider joining a credit union.
Reason #6: We Care, We Share
If you’ve kept up with this blog series, you’ve hopefully learned a lot so far about the differences between credit unions and big banks. The biggest difference of all: Credit unions are non-profit organizations and banks are for-profit.
Beyond that, there are several other principles and philosophies that make credit unions shine in comparison to banks; caring and sharing are just two more examples.
Credit unions generally have a bigger focus on community, with loans often being distributed to help the people, small businesses and projects in the communities that members reside in. In Coastal’s 50th anniversary member stories, you can watch and see just how much Coastal employees truly care about the well-being and success of their members on a personal level. In addition, a lot of credit union employees regularly volunteer for and participate in local events that benefit their communities.
In one of our February blog posts, we shared another way credit unions care through stellar member service. According to NerdWallet1, banks have traditionally had less of an emphasis on personal interactions where credit unions actually focus on local and personal connections. Serving members is the reason credit unions exist, which means caring and providing outstanding service is always a priority.
Coastal is deeply committed to reinvesting in our local communities. In 2016 alone, Coastal donated more than $300,000 to nonprofit organizations through corporate donations and grants from the Coastal Credit Union Foundation. The mission of the Coastal Credit Union Foundation is to enrich the lives of members and their communities by providing financial support to local nonprofit organizations.
Once a year, the Foundation holds an event called The Power of Sharing where Coastal and regional business leaders come together to recognize the incredible impact of nonprofits in our areas. Selected winners receive financial awards that assist the nonprofit organizations in continuing their efforts to improve the lives of others in need.
Coastal also shares through member transactions. Each time a member uses their debit or credit card, Coastal takes a penny of the fee received from the merchant and donates it to the Foundation. It might sound small, but the pennies add up. You can view the contribution highlights to see how the Foundation is positively impacting those in need in your neighborhood.
In addition, some credit unions like Coastal offer member giveback programs. Special dividends distributed through member giveback programs truly quantify a credit union’s value to members and is a huge differentiator for credit unions. Big banks share their profits with the shareholders while some credit unions share their profits directly with members. Coastal is constantly sharing and gave $31.6 million back to its members in 2020 alone through special dividends, better rates and lower fees.
So, what are you waiting for? Start banking better today and take advantage of the many benefits credit unions have to offer.