Credit Union Movement

Credits unions are owned by their membership. Banks are owned by shareholders who expect to make money on the business.

Credit unions are not-for-profit organizations. Once expenses are covered, revenues get plowed back into the operation, resulting in lower fees and better loan and deposit account rates. In banks, those shareholders we just mentioned pocket the profits.

In a credit union, members have voting rights. They can vote for members of the Board of Directors - and even run for a spot on the board. Good luck telling a bank that you want a say in their policy positions. Learn more about KEMBA and our Mission.

Most credit unions, like KEMBA, offer all of the same products and services as their banking counterparts. However, they typically offer higher rates on savings accounts and lower rates on loans, plus one-on-one service from people who live and work in the same communities you do.

Since credit unions exist to help their members thrive financially, they will typically offer reduced fees for their members, as well as free services in many cases. Traditional banks typically have some sort of a fee associated with their accounts unless you meet a set of standards, like minimum balances requirements, and often charge higher fees for common banking errors such as insufficient funds, courtesy checks, stop payments, etc.

With a mission focused on supporting their members, credit unions almost always have an advantage when it comes to service and support. When you call a credit union, you will talk to someone who lives and works in your community, versus a regional or offshore call center that traditional banks may use, so they can better understand your unique needs.

Most credit unions are hyper-localized, so if you move out of state, or travel out of your city, you may lose the ability to physically go to a branch of your credit union, or so you think. Bigger banks often have branches and ATMs located in most major cities. But most credit unions participate in a network of surcharge-free ATMs, as many as 50,000+ and growing, plus shared branching capabilities. Shared branching allows credit union members the ability to visit another credit union in the network to process banking transactions. Plus, with the expansion of digital banking and adoption of technology by most credit unions, banking with a credit union is possible wherever you live, move or travel.

Credit unions generally have a full suite of online and mobile banking products and services, as well as virtual account opening, and more, just like their banking counterparts.