How it Works: Credit Unions.

Have you ever been a “member” somewhere? Whether it’s elite status at the golf club or a card that gets you into your favorite big-box warehouse store, being a member gives you a sense of belonging and confidence—plus some extra swagger. Well, credit unions are no different—it’s a place where being a member not only means exclusive access to the best banking services around, but also a sense of true ownership over the organization. Think of it like a library card, but instead of checking out books, you’re checking out financial freedom. (And thankfully there are no late fees for checking that out!) Okay, so first things first—what is a credit union? Why the name? And how do we operate differently than a bank? Let’s break it down. One of the biggest differences is that a credit union is “not-for-profit and member-owned.” So when you’re a member, the entire organization’s priority is YOU. Compare this to a bank, which has to answer to investors, to corporate leadership, to stockholders…

At a credit union, the board of directors aren’t out of touch or corporate—they’re volunteers. Their goal is to put person over profit. At a bank, you walk in, you’re a customer. It’s a totally transactional relationship. When you’re a credit union member, the focus is on excellent products and services that are above all useful and affordable—not on profit. So speaking of profits, what is it about a credit union that makes it free from the burdens of obsession with the bottom line? A credit union’s profits all come back to its members through lower fees, better rates and monetary dividends. Oh, and that give-back game is more than just for our members—as a credit union, we put an emphasis on the communities we call home. This can take the form of donations to other local nonprofits, volunteering for local charities, and creating opportunities for financial education for area youth and adults alike. Take Levo Credit Union, for instance—we’re, again, a not-for-profit organization that supports financial education efforts, donations of necessary classroom supplies for schools and giving its own team members volunteer time off to give back to local charities and nonprofit groups.

So when it comes to credit unions, what’s in a name? We take that “union” part seriously. It’s a group of community members with a common, united purpose—to make the most of their money, to give back to their community through their time and talents, and to achieve financial freedom for themselves and their loved ones. Sounds like a pretty great set-up to me… in fact, I’ve gotta go sign up with Levo Credit Union—you talk amongst yourselves.

Let’s Make the Next Move

As you can see, there’s a lot to love and learn when you join Levo Credit Union. And that doesn’t stop here. Join today and live your best life – the Levo way!