Credit unions and banks are both very similar and very different.
Biggest Difference Between Credit Unions and Banks
|Credit unions are not-for-profit, member-owned financial institutions governed by its members.||On the contrary, banks are for profit institutions that are either privately owned or publicly traded.|
Since there are no outside stockholders, all earnings are retained in the credit union. Plus, with their not-for-profit status they don’t have to pay federal taxes. These earnings come back to members in the form of lower rates and less fees.
While membership is required to be part of a credit union, meeting the eligibility requirements is pretty easy. For instance, at South Metro you only need to live, work or worship in Scott, Hennepin, or Carver counties or have an immediate family member that fits in one of those criteria. Also, we serve select consumer food cooperatives, housing cooperatives and their members in the upper Midwest.
Most Credit Unions Are Full Service and Offer a Wide Variety of Products and Services.
It’s a common misconception that credit unions can’t offer the same level of service as some banks. This is simply not true. Here are South Metro, we offer a variety of checking and savings products as well as rewards-based credit cards, personal/auto/home loans, loan insurance, and much more!
CU Members Have Access to More Service Locations and ATMs Than You Might Think.
As a member of a credit union, it’s easy to access to your money wherever you are. Whether you need an ATM or need to make a loan payment you can easily find a location when you need it most.
Shared Service Centers
South Metro is part of a network of credit unions across the United States (and 5 foreign locations) sharing locations with thousands of shared branches, including over two dozen shared branches throughout the metro region. Look for the CO-OP Shared Branch symbol that identifies a shared branch office.
You can make deposits, withdrawals, loan payments, and get account histories from a live person. Simply visit any of the Shared Branches listed at web site, present a photo ID, state you are a member of South Metro Federal Credit Union, and give them your member number.
Convenient ATM Locations
At our ATMs you can Transfer funds, check account balances, and deposit checks. Plus, you have access to nearly 30,000 surcharge free ATMs. Which means you have more direct, surcharge-free access to your money than most traditional bank customers do.
Text a Zip Code to 91989 to find nearby ATM and Shared Branch Locations. Call 888-748-3266 to find a location by telephone.
Credit Unions Strive to Serve the Underserved.
Credits unions aim to serve those that other financial institutions may overlook. We believe that everyone should have the opportunity to affordable financial services. Moreover, Credit Unions strive to empower the people in our communities with the mindset, tools and products it takes to make an impact their financial health.
In fact, the Federal Credit Union Act states that the “specified mission of meeting the credit and savings needs of consumers, especially persons of modest means.”
Your Deposits are Safe with a Credit Union!
At South Metro, your deposits are insured up to $500,000. The first $250,000.00 is insured the National Credit Union Administration (NCUA), an agency of the U.S. government. The remainder of the coverage is provided Excess Share Insurance. You can learn more about Excess Share Insurance by visiting their website at www.excessshare.com.
Members Get Exclusive Discounts.
As a credit union member, you have access to member exclusive discounts. Visit Lovemycreditunion.org to see all discounts available to members.
TURBOTAX DISCOUNT Learn More
Credit union members can get special savings this tax season. Whether you file on your own with TurboTax or get help from an H&R Block tax pro, you’re guaranteed to get your biggest possible refund.
SAM’S CLUB MEMBERSHIP DISCOUNT Learn More
Save 40% on a 1-year membership at Sam’s Club through Love My Credit Union Rewards.
TRACFONE: SMARTER SMART PHONE BUDGETS Learn More
Save on your wireless budget with an exclusive 5% discount on no-contract wireless plans with Tracfone. PLUS, members get an exclusive 10% off devices $99 and up now through 2/28/22 with promo code CUSG10.
TRAVEL AND ENTERTAINMENT DISCOUNTS Learn More
Credit union members can save up to 60% on travel and entertainment with Love My Credit Union Rewards.
Some of the savings include:
- Major Theme Parks – Up to 45% off including Walt Disney World® Florida and Disneyland® California.
- Hotels – Exclusive discounts of up to 60% off at over 225,000 hotels worldwide.
- Movie Tickets – Save up to 55% off a night on the town at your favorite theater.
- Concerts and Shows – Get the best prices on nationwide shows and events with savings of over 30%.
- Rental Cars – Get incredible deals on car rental with savings of up to 25% nationwide.
- Preferred Access – Exclusive access to most high-demand tickets for concerts, sports and major events around the world.
SIMPLISAFE DISCOUNT Learn More
Get a free home security camera plus 2 free months of 24/7 professional monitoring ($150 value) with the purchase of a new SimpliSafe security system.
TRUSTAGE Learn More
Members can save hundreds with the TruStage auto and home insurance program.
BUYING POWERSPORTS, RV & BOAT SAVINGS PROGRAM Learn More
You can get special access to member savings on motorcycles, RVs, ATVs, UTVs, jet skis, snowmobiles and golf carts with the Love My Credit Union Rewards Powersports & RV Buying Program. PLUS, you can get up to 20% off parts, service, gear, accessories and more.
Benefits and How It Works:
- Find Your Dream Vehicle: Members get special access to shop thousands of new and used RVs, motorcycles, SxS, ATVs, and more from the nationwide Certified Dealer network.
- Get Upfront Savings: Receive upfront, transparent pricing and special member savings before heading to the dealership.
- Save Time and Money: Redeem your member offer at a Certified Dealer and know you’re getting a deal without the hassle. PLUS get up to 20% off parts, service, accessories and more.
Well, there you have it; six things that you may not have (or may have) known about credit unions. We are member focused and strive to empower our membership to reach full financial wellness in everything we do!
See if a membership with South Metro FCU is right for you.