Credit Unions Foster Partnerships With Their Shareholders

At times, it seems as if the big banks get most of the attention when it comes to financial institutions

. This isn't to say there is anything wrong with them getting attention, because they do provide many great services and benefits to their customers. With that being said, credit unions are beneficial as well.

One of the great things about credit unions is their smaller size, in comparison to the average bank. This may not matter to some, but there are others who appreciate having a smaller financial institution.

A benefit that comes along with credit unions being somewhat smaller is the opportunity to form more of a relationship with the workers. This isn't to say that everyone will become best friends who eat dinner together every other weekend. However, the closer relationship will allow customers to feel more comfortable and trusting of the institution. This is important, because people should feel comfortable with and have a certain amount of trust in any business they are allowing to hold their money.

Not only do these businesses make people feel as if they are a part of a community, but it's actually the truth. These institutions usually service people who represent a certain group of people with the same interests or other common denominators. For instance, some of them are open to teachers, military personnel, and a host of other groups and professions. Not only do they service people with certain interests or affiliations, but people who are a part of these same groups also run them. Therefore, there is always someone there who will be looking out for the best interests of the customers. That's because the people "in charge" share the same interests and concerns as everyone else.

Another great thing about credit unions is the fact that members aren't really considered customers, but they are seen more as partners or shareholders. This is much different from the way the average bank is run. Because of this privilege, the people have more of a say so in how the institution is ran. Therefore, their voice and their opinion tends to hold more weight.

Now, this isn't a knock on big banks, because as previously mentioned, they provide their own set of advantages. However, it just goes to show that credit unions shouldn't be overlooked. Although these institutions are comparably smaller in size, they still provide a number of great benefits to their shareholders. Not only do they get the benefit of forming bonds, but they are also seen as more than just an average customer. Instead, they are seen and treated as partners.

by: Alfred Ardis

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