Unique Services and Features of Credit Unions That You Won’t Get at Small Banks

It may seem like all financial institutions are basically the same, but that isn’t true. When it comes to choosing between a credit union vs. a small bank, there are several important distinctions. In this article, we’ll cover nine unique services and features you can only find at your local credit union. Keep reading for everything you need to know about why a credit union like Del Norte could be right for all your banking needs.

Member-Owned

While banks are owned by shareholders and investors, credit unions like Del Norte are member-owned, resulting in a better experience for our member owners. For example, our financial services are designed to meet every need–from checking and savings accounts to loans, investments and financial planning, and home and auto insurance. When you need assistance, we offer 24/7 member support as well as eight branch locations where you can get in-person help.

Member owned means that every member has an opportunity to participate in the governance of our credit union, with voting rights provided on a one-member, one-vote basis, regardless of deposit size. Profits are redistributed to members through improvements to services, higher returns on savings, and lower rates on loans.

Membership Based on a Common Bond

The presence of credit unions in the U.S. dates back to the early 20th century and the field of membership has always been based on a common bond such as your employer, geographic location, or other group affiliation (places of worship, schools, labor unions, or HOAs). Relatives of members can also join the same credit union.

Commitment to Bettering Communities

As local financial institutions, credit unions are dedicated to investing in and supporting the communities they serve. That is especially true at Del Norte, where our common bond revolves around our New Mexico service area. Our community engagement includes the Del Norte LOV Foundation, a non-profit organization that strives to improve the lives of our New Mexico youth and families, as well as local events for shredding and member appreciation, community sponsorship programs, and college scholarships for high school students. Help Del Norte Credit Union celebrate International Credit Union Day on October 17, 2024 by stopping by one of our branch locations.

Credit Unions are Non-Profits

Credit unions are not-for-profit financial institutions, which means our members’ best interests are at the forefront of all decisions and product offerings. Surplus earnings are returned to members through higher savings rates, special offers on loan rates, and more. The point is that we’re motivated to serve our members and community first, not to pay fat salaries to executives or provide a good return to investors.

Unique Benefits

Because of their not-for-profit status and focus on members, credit unions often offer unique features and benefits you won’t find at your local bank. At Del Norte, that looks like:

• Free financial counseling and educational resources
• Free access to your credit score from online banking
• Baxter’s Bunch Program for kids
• The SCORE! Program for teens
• Freedom Cash Loans are a more affordable short-term loan option than payday loans
• 30,000+ fee-free ATMs nationwide

Cooperative Structures and Flexibility

At credit unions, board members are elected volunteers who are tasked with making decisions about the credit union’s services, fees, and more. This cooperative volunteer board member structure ensures that members feel valued, and adds to a strong sense of community.

DNCU is a not-for-profit financial cooperative owned by its members and governed by a volunteer Board of Directors (BOD). A cooperative (Co-op) is an independent group of people who come together to address a common need through a jointly owned and democratically controlled enterprise.

Loans with Lower Rates and Other Perks

Credit unions really shine when it comes to offering competitive rates on loans. From mortgages to auto and personal loans, you can usually find competitive rates and more borrower protections than you will with a traditional bank. Credit unions may also be more flexible with their credit eligibility requirements. For example, our Freedom Cash Loan was designed with our members’ needs in mind as a more affordable alternative to payday loans.

Products with Competitive Rates and Friendlier Fees

Across most credit union offerings, you’ll discover perks such as friendlier fees, overdraft protection, account alerts, personalized card services, attractive returns on savings accounts, and competitive rates on loans. Personalized service is a top priority at Del Norte and we are committed to understanding our members’ individual needs to help you reach your financial goals. For example, two out of our three checking account options have no monthly service fee and our interest checking only requires a $100 daily balance to waive the fee. All checking accounts come with Courtesy Pay Overdraft Protection and there is no minimum opening deposit.

Deposit Insurance from the National Credit Union Administration (NCUA)

NCUA provides federal insurance for credit union deposits, similar to how Federal Deposit Insurance Corporation (FDIC) insures deposits at banks. The NCUA provides deposit insurance of up to $250,000 per share owner, per insured credit union, for each account ownership category. You can trust us with your checking and savings balances without fear.

About Del Norte Credit Union

Proud to be New Mexico born and bred since 1954, join Del Norte Credit Union today to experience the credit union difference! You can open a checking account online in just minutes. We are a member-owned, not-for-profit financial institution which embraces the culture and community traditions of New Mexico. Our mission is dedicated to improving lives by providing our members with sound and unbiased financial advice. Follow our blog for more financial advice such as “Top 10 Tips to Reduce Monthly Spending” and “Tips for Managing Finances with Your Partner or Spouse”.

Disclosure: This blog is for informational purposes only and does not constitute financial advice or an offer to provide any specific product or service. Please consult with a financial professional for advice tailored to your individual circumstances. Terms, conditions, and fees for products and services mentioned may vary. All products and services are subject to approval. Rates, terms, and conditions are subject to change. Please contact us for the most current information.