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Credit unions differ from traditional banks because they prioritize the success of their members and the local economy. Composed of members and employees who also live and work locally, the organization works to benefit the community both directly and indirectly.

Minimal Fees

Unlike other banking institutions, the beneficiaries of a credit union's success are its members. Since profit isn't a goal, they offer checking and savings accounts with minimal fees as well as higher interest-earning potential. This is beneficial to lower income households throughout the community who would otherwise suffer from high fees. Essentially, all members can utilize their monetary savings and interest earnings to put money back into the community by shopping at local businesses.

Low-Rate Loans

Credit unions are also known for offering loans at lower rates. Low mortgage loans open up the market to more buyers and give them the opportunity to invest in real estate. Homeownership boosts a person's commitment to the community. It directly impacts them and their property value. As a result, they're more likely to give back through volunteering or supporting local movements.  

How Your Local Credit Unions Improve the Community | North Jersey Federal Credit Union in Totowa, NJThe same sentiment applies to business loans. Local, small businesses can launch or expand their business as a result of low-interest rates and fees. This process creates more local jobs and pumps money into the economy, which translates to more tax money for local governments to use.

Sponsorship Programs

Credit unions are also committed to direct community involvement. Often, this comes in the form of sponsoring outreach programs such as free financial advice and budgeting courses. It also occurs in donations to local charities and nonprofit organizations as well as sponsoring scholarships for students.

 

If you're ready to work with a bank that's invested in the community, start a relationship with North Jersey Federal Credit Union in Totowa, NJ. For over 80 years, the credit union has been dedicated to serving the financial needs of residents and businesses throughout Passaic County. From checking and savings accounts to low rate mortgage and auto loans, they'll help you find the right options. Contact a member of the team at (973) 785-9200, or learn about their community involvement initiatives on their website.

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