We get a lot of people who ask us the difference between us and a bank. We understand that between all the jargon and misconceptions out there about credit unions, that many people don’t fully understand how we stand apart from banks and which institution is better for them. Once you read this blog, we hope that you feel confident making Essential your Credit Union home in Gonzales.
The Difference Between Credit Unions & Banks
Like everything in life, credit unions have pros and cons when comparing them to banks. Let’s dive a little deeper into the pros and cons of each.
- More branches in the region and across the country
- Quicker to launch new apps and innovative technology
- For-profit institutions that put shareholders’ interests first
- Higher fees
- Customer service is not always a priority
Credit Union Pros
- Not-for-profit, member-owned institution
- Lower fees
- Focused on the community, and local and personal engagement
Credit Union Cons
- Not as many branches, and thus less convenient
- Typically do not roll out new apps or technology as quickly
Whether a credit union or bank is better for you is really dependent on your financial needs and preferences. If you would like to learn more about the benefits that Essential Federal Credit Union offers its members, we always welcome calls. Let us tell you why you should make Essential your credit union home in Gonzales!
In the Market for A Checking Account, Loan, or Mortgage?
Luckily, Essential Federal Credit Union offers all of these services. We offer many of the same services as a traditional bank, but with a focus on our members and their best interests. To see the full list of services that we provide, visit our homepage and choose the type of financial service that you are looking for. We offer anything from Personal checking and savings accounts to Business Loans and Mortgages. We also offer an online portal for all our members to easily manage their account. Visit our Loan Rates page to get more information about the affordable rates we offer for the various loans we offer. We don’t try to gauge our members with high-interest rates, and thus we strive to keep our rates as low as possible so that you can have financial peace.
Not a Member?
Not a member yet? Apply Now and experience the Essential difference of placing your trust with a credit union. If you have more questions about why you should make Essential your credit union in Gonzales, one of our representatives would be happy to breakdown benefits and our services with you. All you have to do is call your credit union in Gonzales, LA: 225-353-8238 or contact us today.