Consumer Guides Credit Unions A resource of products and services
Bay Area News Group Advertising Section | October 22, 2023
The many benefits of joining a credit union By Metro Creative Connection Customers have more options than ever before when it comes to personal banking. Your neighborhood is no doubt home to many financial institutions, and it’s up to you to find the one that best suits your individual needs. Credit unions are one financial institution option to consider. Credit unions benefit their members in various ways while offering many of the same services and amenities offered by traditional banks. Known around the world by various names, credit unions are member-owned, not-for-profit financial cooperatives that offer financial services to their members. Credit unions are typically organized around a common bond, such as members who belong to a certain community, employer, organization or club. According to the World Council of Credit Unions, credit unions pool their members’ savings deposits and shares to finance their own loan portfolios rather than rely on outside capital. Any income made is applied to lower
interest rates on loans, higher interest rates on savings accounts, or new product and service development. Since credit unions are under no pressure to make money off of their customers, which traditional banks may be, they can expend more energy developing their offerings and providing a greater level of customer service. Also, since the members of a credit union have a say in the
organization’s decisions, usually changes and decisions made are designed to benefit everyone involved. Credit unions aim to offer financial services at the lowest costs possible and may charge fewer fees as a result. In addition, accounts may be free with no minimum balance requirements. One of the things that most attracts people to credit unions is that interest rates often
significantly exceed those offered by banks. Members can earn more money on their savings. Plus, since interest charged for loans on credit accounts are generally lower than most banks’, the savings is twofold. Many credit unions will set a limit to how much interest they will charge on credit cards and loans. While the benefits certainly make credit unions attractive, it is
important to point out some possible disadvantages you may want to look into when joining a credit union. Because of their nonprofit status, some credit unions may not have adequate funds to invest heavily in technology. Mobile banking and websites may be lacking. Also, it can be difficult to find ATMs affiliated with your credit union outside of your community that do not charge additional
Credit Union Listing Guide Featured:
1st Nor Cal Credit Union 1st Nor Cal Credit Union is a not-for-profit cooperative financial institution, helping its members achieve their financial goals since 1949. They offer a wide variety of products and services, backed by a commitment to the credit union’s philosophy, “people helping people”. 1st Nor Cal Credit Union does not issue stock or pay dividends to outside stockholders, like most other financial institutions. Instead, earnings are returned to its members in the form of lower loan rates, higher interest on deposits, and lower fees. They exist to serve their members, not to make a profit. For more information: 888-387-8632 www.1stnorcalcu.org Featured:
1st United Credit Union It doesn’t get simpler, faster and friendlier than 1st United Credit Union. As one of the first credit unions in California, 1st United Credit Union was founded in 1932 and has been thriving in the Bay Area ever since. Membership is available to anyone who lives, works, or attends school in Alameda, Contra Costa, San Joaquin, Solano, Stanislaus, or Kings Counties in California. We believe in
local, neighborly banking and hope you will too. For more information: Call 800-649-0193 or visit www.1stunitedcu.org Alliance Credit Union 800-232-8669 www.alliancecu.org Featured:
Commonwealth Central Credit Union Did you know that CommonWealth Central Credit Union was founded in a local garage? Yes! Some of the biggest ideas that have improved the way the world works were dreamed up in garages right here in Santa Clara County. In December 1958, Frank and Grace Coombs converted their garage into the first branch of what is now CommonWealth. Over the last 60 years, CommonWealth has grown from 10 members and $104 in assets to over 35,000 members and a half a billion dollars in assets. CommonWealth was established to help fellow members in the Santa Clara community reach their financial goals, and these principles remain true today. CommonWealth offers four local branch locations and member access for free at over 30,000 ATMs. They may be 60 years old, but they still know how to keep up with the times and make sure their members have the latest in banking technology
and conveniences. For more information: (800) 564-1588 www.wealthcu.org Featured:
Cooperative Center Federal Credit Union As an offshoot of Consumers’ Cooperative of Berkeley Inc., Cooperative Center FCU’s roots are intertwined with those of the communities we serve. Whether it’s responding to the thorny issues of the ‘60s and ‘70s (redlining) by creating home loan programs, or combating today’s predatory lending practices (payday loans) by offering emergency cash infusion loans. Our mission is to continue to serve our diverse group of members with cost saving products and innovative services. Credit unions, unlike big banks, are rooted in their communities, that’s why you’ll find better service and people who care about your well-being. For more information: (510) 845-6428 www.coopfcu.org Featured:
Excite Credit Union For over 70 years, our Member-owned financial cooperative continues to give everyone the chance to build a stronger future so together we can all be part of a stronger community.
We are not a bank. We’re a credit union, not a bank. What’s the difference? Credit unions are owned by the members, not a bunch of faceless shareholders. The products we offer and the service we provide are founded with idea that people matter most. Because our members control our business decisions, the community benefits most. We live where we work. We know the mailman, the baristas, the bus drivers, and our neighbors. This is important because to support our community, we need to know it! For more information: 800.232.8669 www.excitecu.org Featured:
KeyPoint Credit Union KeyPoint is a fullservice financial institution, fully insured by the NCUA. They offer products and services including: KeyPoint offers a diverse range of services tailored to individual banking needs. Their Unlimited Checking Account provides free checking and worldwide ATM fee rebates. Savings options include Money Market accounts, Certificates, and IRAs for financial planning. Loans encompass auto, boat, motorcycle, and RV loans, alongside personal loans and credit lines. The Starting Point program aids newcomers and recent college graduates in obtaining their first car loan and
building credit. Additionally, they provide credit cards, unique home loans with interest-saving benefits, low fees, and competitive interest rates. Services include free online banking, mobile apps, bill pay, and discounted insurance rates for auto, homeowner’s, life, and disability coverage. They serve anyone who lives, works, attends school or worships in Santa Clara County, Alameda County, El Dorado County, Placer County, San Mateo County, Sacramento County, Santa Barbara County, Contra Costa County and designated areas of Ventura County in California, or works at a Member Company (regardless of location). Become a Member by opening an account, applying for a loan, or visit any KeyPoint branch. For more information: 800-255-3637 www.kpcu.com Featured:
Meriwest Credit Union has been providing personal, convenient, and innovative financial services to families and businesses in the South Bay for over 60 years. With over $2 billion in assets, Meriwest offers above market rates on deposits, low loan rates, lower fees, and a superior banking experience. With 8 Bay Area financial centers, a nationwide network of shared branches, online and mobile banking, a
fees. What’s more, because credit unions are linked to a certain affiliation, membership may be restricted. But as newer credit unions are opening every day, there is an effort to service a wider assortment of members. Credit unions are a great option for those looking to spend less on banking services while potentially earning greater interest on their savings.
locally staffed contact center, and over 30,000 surcharge-free ATMs, Meriwest delivers easy financial access anywhere you go. We think it’s important for all of us to take an active role in support of those in need. We see ourselves not only as a business that exists for the community’s financial benefit, but as an organization that takes a hands-on-approach to making the community a better place to live through financial literacy and charitable programs. Meriwest is a trusted partner to help you get more, and do more. Working for you… Today. Tomorrow. Together. For more information: 877-637-4937 Visit www.meriwest. com today! Pacific Service Credit Union 888-858-6878 www.pacificservice.org Featured:
Patelco Credit Union Patelco Credit Union was created back in 1936, with only $500 in assets by a few employees from Pacific Telephone and Telegraph Company (now know as AT&T). Since then, Patelco Credit Union has grown to become a full service, not-for-profit financial cooperative dedicated to helping its members and See CREDIT UNION Page 4