Using checking and savings accounts is one of the safest ways to protect your money and allow it to grow with interest. Unfortunately, not all checking and savings accounts are alike. In fact, you might be surprised at the differences between accounts operated by big banks and those operated by credit unions. Here is a brief look at what big banks do with your money:
You may be shocked and upset to find out that the money in your savings and checking accounts are used to fund the corporate salaries of your bank. While you always maintain access to your money, big banks use the profits from your monthly fees to pay for their large holiday bonuses. While credit unions such as 121 Financial Credit Union operate based on business plans that benefit all of their employees, the CEOs and upper management of large banks are simply searching for ways to make themselves profit.
While business growth is important for any institution, big banks often look for ways to gain more accounts even if it harms their current account holders. Larger banks have many thousands of account to keep track of. Checking accounts, savings accounts, and loans for so many account holders can make providing quality and personal service difficult. If you’re currently unhappy with your bank, you may grow more dissatisfied with your banking services as they use your money to acquire more clients. Credit unions have the unique advantage of being small, personal, and local. Even a successful credit union remains loyal to your accounts. A credit union allows you the luxury of knowing your bank teller by name while larger banks provide you impersonal and unfamiliar service.
Dividends Focused Outside the Local Economy
Credit unions are community-based institutions that help stimulate your local economy. 121 Financial Credit Union values the Jacksonville community by employing local residents and building relationships with nearby schools and charities. Larger banks are often franchises who are unfamiliar with their location. Instead of contributing to the economy, large banks distribute your money to non-local outside investors for more development.
To entrust your banking to a credit union you can trust, call 121 Financial Credit Union at (904) 638-8026. Unlike a large bank, we’re committed to getting to know you and your banking needs whether you’re trying to establish credit or open a college savings account for your child.