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The Credit Union Difference

Welcome to InTouch Credit Union!

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Ownership

One big difference between credit unions and banks is ownership. Credit unions are owned by their members (we refer to account holders as members, not customers). If you’re a member, the credit union is, in part, owned by you. Therefore, the credit cards and accounts you have at that institution are working for you - and other members. Banks, on the other hand, are owned by stockholders. The credit cards and accounts a customer holds at a bank are working for the stockholders' interests first – not their customers.

Personalized service

A major benefit of being a member of a local credit union, like ITCU, is the ability to receive more personalized service than those who do business with larger banks. Because credit unions work with a smaller, select member base, there is more of a one-on-one experience between staff and members.

Better rates and programs

Some of the best benefits of a credit union are in the value of the accounts and services they provide to their members. Because we do not have to pay a return to stockholders first, credit unions, on average, are able to offer better rates and lower cost programs than banks.

Who gets the profits?

Another difference between banks and your local credit union is where the profits go. When you do business with a bank, much of the profit goes to stockholders. But with credit unions, which are not-for-profit entities, profits are returned to the members in many ways, including lower fees and loan interest rates, and higher deposit account dividend rates.

Guidance and education

Because the main purpose of a credit union is to promote financial responsibility among its members, we always act with our members’ best interests in mind. This happens in many ways, from offering lower rates on our products, offering account types for all stages of life and even  hosting occasional workshops or seminars on budgeting and saving. Use your local credit union as your personal financial resource and remember – the ITCU way is to always be working for you and your financial well-being!

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