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Vocal News

The Benefits of a Credit Union

May 21, 2021 | News

A Credit Union is a financial institution that is owned and governed by the members. Unlike a standard bank, any profits can be given back to credit union members in the form of lower fees and higher savings rates.

Many credit union members like that their savings help other members of the community with loans. Vocal Credit Union is a certified Community Development Financial Institution that promotes serving members of modest means. We provide most of the same services as the “big boys.”

Eddie Black, CEO and President of Vocal Credit Unions states, “we strive to serve all members of our community and we encourage people to come together for the financial betterment of their communities.”

Since credit unions are not-for-profit financial institutions, they can focus on providing better services for their member-owners. Members can potentially benefit from credit unions in a variety of ways.

Governance

When you are a credit union member, you get to vote on important credit union decisions, including the selection of credit union board members. That’s because when you become a member, you also become a co-owner of the credit union. Every member gets the same vote.

At Vocal Credit Union, our mission statement is, “As a member owned financial cooperative, we listen to and service the needs of ALL of our members. “
Vocal Credit Union is governed by a volunteer board of directors that consists of seven credit union members. The credit union also has a supervisory committee that consist of four members that serve as the internal auditors of the credit union.

Better Rates

Unlike for-profit banks, credit unions can give profits back to their members in the form of higher interest rates on products like CDs and savings accounts. Credit Unions typically offer lower loans rates to their members. In addition, credit union are typically willing to make smaller dollar loans to our members. For many members, credit unions can be a last resort to get credit or services.

Insured Deposits

Many credit unions are insured by the National Credit Union Administration via the National Credit Union Share Insurance Fund. Vocal Credit Union is regulated by the State of Montana, but is insured by the National Credit Union Administration, so we get regulated by both.
The NCUSIF is backed by the U.S. government and covers individual member deposits up to $250,000 at all federally insured credit unions.

Variety of Service Offerings

Just because a credit union may be smaller than a bank does not necessarily mean it has fewer services. In addition to personalized service, financial education and counseling, credit unions offer consumer loans, electronic banking, ATMs, home equity loans, mortgage loans, car loans, member business loans, credit cards, overdraft protection and more.

Vocal Credit Union offers a wide array of services to its members including: Home Banking access, mobile app, Remote Deposit Capture for check deposits and an ATM network with over 32,000 ATM’s that are all surcharge free. We offer loans for almost everything including Member Business Loans, Home Equity and consumer loans.

Community-Focused and Service-Oriented

Due to membership requirements, credit union members often have similar interests, live in the same geographic region, work closely together or are involved in a common organization. Vocal Credit Union can only serve members who live, work, worship or attend school in Lewis and Clark, Jefferson, Meagher, or Broadwater Counties or be related to someone who meets the qualifications above. Once a member, always a member so if you leave the area you can continue your relationship with your credit union.

Credit unions go above and beyond to help their members reach financial success through personalized service. The benefits of a credit union extend far beyond personalized service – since credit unions are not-for-profit institutions, they can focus on helping members with their individual financial needs.

To find out more if a credit union is the right choice for you, contact us today.

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