Reasons Credit Unions and Millennials Are a Perfect Match

A recent study of 10,000 millennials found that four of their most hated brands were banks. So when millennials find out about credit unions, it can feel like fate. But more than just being an alternative to banks, there are a number of reasons millennials and credit unions are a good match.

You’re a member, not a customer.
Finances in the new millennium can feel huge and alienating, especially if you came of age during a time of worldwide financial havoc. Credit unions offer saving accounts, debit cards, and loans just like banks do, but at a credit union the money you deposit—no matter how small—makes you a partial owner or “member.” At Hopewell Federal Credit Union, you have a voice, and this can feel inclusive and empowering.

Credit unions excel at customer service.
The democratic structure of credit unions makes them more responsive to their members’ needs. This is a plus for millennials who count Amazon among their favorite brands because of its ease-of-use. A recent survey by CO-OP Financial Services, Cucamonga, Calif., found that 81% of millennials believe that their credit union provides “outstanding customer service,” compared with 59% of bank customers.

Credit unions are not-for-profit.
This is perhaps one of the biggest reasons credit unions and millennials are a natural fit. Credit unions return profits to their members, often through better loan rates, fewer fees, and perks like surcharge-free ATMs. Despite being saddled with more student debt than any generation in history, millennials have proven to be one of the most giving and to value organizations that are not driven solely by the pursuit of profit.

Credit unions are local.
Millennials have grown up with the local movement—the idea that you should eat and shop locally whenever possible as part of a lifestyle that helps keep your communities vibrant and healthy. With banks, up to 97% of the money you deposit can leave the community. At a credit union your deposits could be part of a loan that helps a local teen buy her first car or a family buy their first home or an entrepreneur set up a small business.

Credit unions are part of the original sharing economy.
Millennials have helped spur a new economy that sidesteps traditional businesses by renting out something they’re not using—a house, apartment, car, or bike—for use by others. This model helped make start-ups such as Airbnb.com and Lyft.com quickly and massively popular—to such a degree that the hotel and taxi industries have been going after them in court.

Credit unions began as a way for people without access to traditional bank services to pool their money and make loans to each other. And after taking off in America during the Great Depression, that’s essentially how they still operate today.
We want to thank you for being a Hopewell Federal Credit Union member and we love to see you and hear from you. Stop today or call 740.522.8311. Check out our website at http://www.hopewellfcu.org to get a glimpse of what we offer.

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