CREDIT UNION DIFFERENCE
Banks and credit unions both offer ways to spend, save and finance, but there’s a lot of great things that set credit unions apart. Learn how we’re different from banks, and how together we can save better and plan smarter.
LET’S TALK CREDIT UNIONS
A credit union is a financial cooperative owned by its members. Banks are for-profit corporations whose earnings go straight to stockholders. Though banks and credit unions offer many of the same products, there are a lot of great things that set credit unions apart.
WHAT’S THE DIFFERENCE BETWEEN A CREDIT UNION AND A BANK?
We’re Member-Owned: If you’re a credit union member, you’re a credit union owner. That means a share of profits is returned to you.
We’re Not-For-Profit: Credit unions serve communities, not corporate interests. That’s why we’re able to give our members higher rates on savings and lower rates on loans. Plus, as more members join and profits grow, resources and benefits for you and your money grow as well.
We’re a Democracy: Credit union members’ votes determine who serves on the board of directors. You can even volunteer to serve yourself.
COMMON CREDIT UNION MISCONCEPTIONS
We Take a Backseat to Banks: Nope. We offer access to competitive checking options, IRAs, credit cards and more. And Summit’s financial experts guide members through investment, business and mortgage services too.
We’re Simply Inconvenient: It’s simply untrue. For example, Summit has over 30 locations in southern Wisconsin and more than 5,000 surcharge-free ATMs in our network.
We Live in the Stone Age: More like the digital age. Summit’s mobile app lets members stay connected on the go and can even make mobile payments on their phones with Apple Pay and Google Wallet.
We’re Slow to Serve: Not a chance. We’re at your side with financial guidance the moment you need it. Whether it’s a quick loan approval or a speedy financial checkup.
HOW SUMMIT STANDS OUT
Available to Everyone: While many credit unions are still exclusive to certain companies or localities, Summit was the first to be granted an open charter, allowing anyone to become a member. Because we believe in serving entire communities, not just parts of them.
Programs to Own it: A variety of Summit programs are helping people take control of their finances. Like Project Money, our annual competition where members see who can pay off debt and increase savings the most. Or RED SHOES – a financial wellness program customized to your goals.
Tools to Take Control: The Money Smarts section of our website is packed with all sorts of resources to put you on the refreshing path of financial independence.
More Ways to Learn: From workshops and free public seminars to financial education opportunities in schools and the workplace, there’s always something new to learn with Summit.