What is a Credit Union?
A credit union is a not-for-profit institution that offers financial products to its members. How can a financial institution be a not-for-profit you ask? This is how — a credit union is a cooperative as they are solely member-focused. Credit Unions are owned and operated by its members, as opposed to being owned and operated by stockholders like a bank.
Since Beacon Credit Union is owned and operated by its members, it is able to provide to its membership:
- Great Service
- Higher Interest Rates on Cd’s and Savings Accounts
- Minimal to No Fees
- Competitive Loan Rates