The Towpath Credit Union Difference

When you walk into our lobby, or call a loan officer, what makes Towpath Credit Union different from a bank is not immediately apparent. The two financial institutions may offer similar products and services, but the similarities stop there. Crucial differences exist--in ownership, in cost of borrowing money, and in use of services.

  • You own your credit union. Credit unions are member-owned nonprofit financial cooperatives dedicated to improving members' lives.
  • Credit unions are the only democratically controlled financial institutions in the United States. You and other members elect a volunteer board of directors to oversee the credit union. The credit union president reports to this board.
  • Because they are not profit driven, Credit unions generally have the best loan rates. 
  • The average credit card interest rate is four percentage points better at credit unions vs. banks. And credit union auto loans average almost one and one-half percentage points less than banks' auto loan rates. Credit unions make consumer loans.
  • Credit unions educate members about money matters. They provide publications to keep you advised of rates, loan sales, and financial trends that affect you.

What is a Credit Union?

Being a member of a credit union can offer great benefits, but many consumers don’t understand how a credit union differs from a bank. Take a few minutes to understand the benefits that are exclusive to credit unions and whether they fit your financial goals.

By taking our quick course, you’ll learn more about:

  •   The differences between credit unions and banks
  •   The products and services offered by credit unions
  •   How to find the right credit union for you

Begin Course

 


The Benefits of Banking with Towpath CU

Want to become a member?

Applications for membership are available at any branch location.