As millennials become more and more financially savvy, many are developing a preference for credit unions over large corporate banks. According to the Credit Union National Association, a Washington, D.C. trade group, almost 2 million millennials became credit union members between 2013 and 2014. What’s making millennials change their minds?
For the People
Millennials are more likely to support businesses that are locally owned as opposed to big Wall Street corporations that are for-profit. In the aftermath of the Occupy Wall Street movement, many between the ages of 18 and 34 preferred a democratically governed institution over one that puts money in the pockets of stockholders.
Better Customer Service
Because they are more community oriented, a credit union’s customer services are more easily accessible and offer quick and timely advice without the inconvenient phone menus big banks are known for. Let’s face it, calling a big bank often leads to frustration, and it takes longer to resolve any issues customers might have when managing their account. Credit unions like VFCU are also utilizing mobile banking apps that are making it much easier to budget with the click of a button.
Lower Fees and Better Rates
Because many millennials are just getting started with their careers, money is tight and budgeting their finances is a top priority. Great rates and lower interest fees become more attractive to someone with a mountain of student loan debt. Large banks often penalize those that don’t have the required amount in a checking or savings account with fees. For many young twenty-somethings, it’s not always possible to meet that requirement. Credit unions often have much lower fees or often none at all.
Here for Your Financial Needs
Talk to the millennial in your life about the benefits of joining a credit union. It may lead to hundreds or thousands of dollars in savings and more convenient ways to manage money. Have questions about joining Valley Federal Credit Union? Visit our location in Brownsville or give us a call. The VFCU team is here to help you and your family become more financially secure.