What makes Servus Credit Union different than a bank?

Introduction:

In this article, I’ll be discussing the key differences between Servus Credit Union and traditional banks. Servus Credit Union is a not-for-profit financial institution that is owned and controlled by its members, while banks are for-profit corporations owned by shareholders.

As a result, Servus is able to offer unique benefits and services to its members that are not typically available through banks. These differences can range from higher interest rates on deposits to lower fees and more personalized customer service.

What makes Servus Credit Union different than a bank?

Servus Credit Union is a financial institution that operates differently from traditional banks. The main difference between a credit union and a bank is that credit unions are non-profit organizations, while banks are for-profit entities.

One of the key differences between a Servus Credit Union and a bank is that Servus Credit Union is owned by its members. Members of a credit union are considered owners, whereas customers of a bank are just that – customers. This means that the profits generated by the credit union are returned to its members in the form of better interest rates on loans and deposits, lower fees, and improved services.

Another difference is that Servus Credit Union offers a more personalized experience to its members. Because credit unions are not driven by profit, they have a greater focus on meeting the financial needs of their members. As a result, credit unions often have a closer relationship with their members and are more invested in their financial success.

Servus Credit Union also places a strong emphasis on community involvement. This means that they invest in their local communities and support initiatives that benefit their members. For example, they may offer financial education programs or support local charities. This focus on community involvement sets Servus Credit Union apart from traditional banks, which may not have the same level of involvement in their local communities.

In terms of services, Servus Credit Union offers a range of products and services similar to those offered by banks, including savings accounts, chequing accounts, mortgages, and loans. However, credit unions often offer more flexible terms and lower interest rates on loans than traditional banks. Additionally, credit unions may offer more specialized products, such as insurance products, that are not typically offered by banks.

Finally, Servus Credit Union is known for its strong security measures. Credit unions are regulated by the same agencies that regulate banks, so they are subject to the same security standards. However, credit unions are often more proactive in protecting the personal information of their members. For example, they may offer enhanced security measures, such as biometric authentication, to protect against fraud and unauthorized access to accounts.

Why you should choose a credit union instead of a bank?

A credit union is a non-profit financial cooperative that is owned and controlled by its members. This means that the profits earned by the credit union are returned back to its members in the form of better rates, lower fees, and improved services. In contrast, a bank is a profit-oriented institution that is owned by its shareholders, who expect to receive a return on their investment in the form of dividends and capital gains.

One of the major benefits of choosing a credit union is personalized customer service. Credit unions are often smaller and more community-focused, which means that they can offer a more personalized experience to their members. They also typically have lower fees and interest rates on loans and mortgages, which can save members a significant amount of money over time.

Another advantage of credit unions is that they are often more flexible with their lending policies. They may be more willing to work with members who have less-than-perfect credit and may offer alternative loan options that are not available at traditional banks. Additionally, credit unions are also often more involved in the communities they serve, and may offer volunteer opportunities, financial education programs, and other benefits to their members.

Conclusion:

I hope this article has provided you with valuable insights into the differences between Servus Credit Union and banks. Servus Credit Union is a member-owned financial cooperative that operates with a focus on community-based financial services. It prioritizes the needs of its members and offers a wide range of financial products and services.

Banks, on the other hand, are profit-driven corporations and are accountable to their shareholders. While both offer similar services, the approach and priorities of Servus Credit Union make it a unique option for those looking for a more personalized and community-oriented financial experience.