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Membership in Minnesota Credit Unions has its Advantages.
When people come together, they can do so much more. That’s why millions of Minnesotans choose to invest and grow with their local credit union. These cooperatives prioritize the financial well-being of their members rather than generating profits for shareholders. This means a more community-oriented and financially beneficial choice – with lower fees and better interest rates compared to traditional banks. It is simply a better way of banking that puts individuals and their communities first.
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Credit Unions Do More
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Overall, 2 million Minnesotans are member-owners of the state’s credit unions. That means they have more say in how their money is invested, and how it can help their communities. As not-for-profit financial cooperatives, credit unions typically offer higher savings rates, lower loan rates and have lower and fewer fees, compared with other traditional institutions.
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Credit Unions Work For Minnesotans
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No matter what life throws your way, Minnesota’s credit unions are here to empower you financially. As not-for-profit financial cooperatives, they are owned and operated for the benefit of the members they serve – people like you. When credit unions thrive, their members and communities thrive.
Credit unions are dedicated to fostering economic prosperity and fairness for all, actively working to address and eliminate systemic socioeconomic disparities and inequalities in our communities. It’s a positive choice for individuals financially, while building a brighter, more equitable future for everyone. |
Minnesota Credit Unions Have Real Advantages
Member-owned: A credit union is a financial cooperative owned and controlled by the people, or members, who use their services.
Not-for-profit: Unlike banks and other financial institutions, credit unions return profits to members — not to shareholders — in the form of fewer fees on services, lower rates on loans, higher returns on savings and personalized service.
Insured: The National Credit Union Administration insures federal credit union deposits up to $250,000 per individual depositor, the same as FDIC protection for bank account.
Accessible: Because of the collaborative nature of credit unions, most members can use a nationwide network of over 30,000 surcharge-free ATMS and 7,000 shared service centers.
Not-for-profit: Unlike banks and other financial institutions, credit unions return profits to members — not to shareholders — in the form of fewer fees on services, lower rates on loans, higher returns on savings and personalized service.
Insured: The National Credit Union Administration insures federal credit union deposits up to $250,000 per individual depositor, the same as FDIC protection for bank account.
Accessible: Because of the collaborative nature of credit unions, most members can use a nationwide network of over 30,000 surcharge-free ATMS and 7,000 shared service centers.
Your Credit Union Is Personal
Members of credit unions share a common bond, known as a field of membership. This unique advantage of credit unions helps personalize the benefits and services you receive based on what matters most to you. A field of membership can be defined by:
- Where you live. Many credit unions are tailored to specific geographic areas and neighborhoods across Minnesota.
- Where you work. Companies often sponsor credit unions as a benefit for employees; and some credit unions are organized for special trade groups - like aviation or healthcare workers.
- What matters to you. Your involvement in a group, such as a place of worship, school, labor union or homeowners’ association may qualify you to join a credit union. Additionally, most credit unions encourage members’ families to join.
Credit Unions Power Local Economies
When you save and borrow with Minnesota's credit unions, your money stays local, directly benefiting our state. In fact, the economic contributions of these credit unions generated almost $3 billion impact on Minnesota’s economy. By choosing a credit union, you're not just managing your finances – you're investing in the prosperity of our community.
Credit Unions Give Back To Our Communities
Minnesota credit unions invest back by providing financial education, scholarship opportunities and service projects. For example, several education-based credit union branches help students to gain essential money management and career skills. The Minnesota Credit Union Foundation Scholarship Council collaborates with credit unions to provide scholarships, opening doors to higher education. On CU FORWARD Day, volunteers from credit unions and partners around the state dedicate thousands of hours to community service, transforming a traditional bank holiday into a day of giving back and making a difference.
Discover The Advantage Of Minnesota’s Credit Unions. Find One That Works For You Today.
