Credit Union Facts

While banks and payday lenders may burden you with mandates, restrictions and fees, Secured Advantage Credit Union is a cooperative (co-op). When you become a member, you are becoming an owner of the credit union. The money you pay is equity in the nonprofit.

It is the people who use the co-op’s services and financial products that democratically control and own the credit union – not outside investors. And thus, Secured Advantage is able to offer lower rates on loans, higher yields on savings and lower, fewer fees. Your money is insured by the National Credit Union Association (NCUA), which provides the same $250,000 coverage on funds as does the FDIC for banks.

Credit Unions

Believe honest competition benefits all consumers
Service driven – we care about people and communities
Serve only those within their membership pool
Membership elects the board of directors
All members are owners – each person who deposits money has a share of the ownership
Return earnings to members through lower loan rates, higher savings rates, and free or low-cost services

Banks

Try to eliminate competition through legislative lobbying and lawsuits
Profit driven – primary focus is on building vast wealth
Have a paid board of directors that serves for financial gain
Serve anyone in the general public
Customers have no right of ownership
Often make loans to strategically advantageous outside borrowers, including foreign countries and commercial enterprises
Return profits to a small group of stockholders at the expense of their customers