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
The Benefits of Banking with Towpath CU