As the largest living generation in America, millennials have an immeasurable impact on our financial landscape. With around 72 million millennials, their spending habits and actions are quite literally defining the nation’s future. They may be familiar with new iPhone models and binge-worthy Netflix series, but financial institutions are not on the top of their minds.
According to a 2017 FDIC survey, approximately nine percent of Americans from 25 to 34 don’t have a checking or savings account. The reasons: high fees and a distrust of banks. Say what you want about millennials, but those are legitimate concerns. Credit unions exist as the perfect alternative to these issues that are now common practice at brand-name banks. Instead of dealing with impersonal institutions that thrive on hidden fees and lack customer empathy, millennials should consider the transition to a local credit union.
Why do credit unions make sense for millennials?
- More Help & Guidance
- Unbeatable customer service is synonymous with credit unions. Due to their size, credit unions provide a much more personal, tailored approach when helping members that’s often lost when dealing with a bigger bank. Personal finance is uncharted territory for millennials, and they’ll undoubtedly need some help along the way. Credit unions are the perfect place to receive that guidance and advice.
- Better Rates & Lower Fees
- Regardless of age, the competitive rates and low fees offered by credit unions are a tremendous advantage. Due to their structure, credit unions can almost always offer their members better interest rates without charging gratuitous fees. Also, credit unions typically provide higher yields with savings accounts.
- Credit unions are for people, not for profits. Instead of being controlled by some shady board of investors, unions are collectively operated and owned by the members. For a group that distrusts banks, this is a transparent alternative that’s grounded in community trust.
- There’s a common misconception that credit unions fail to offer modern digital amenities – this couldn’t be further from the truth. Most credit unions offer the same variety of apps and digital tools associated with bigger banks. Members can bank however they like without worrying about a loss of accessibility. Through Shared Branching, service centers and surcharge-free ATMs are available across the country.
Interested in becoming a member? Visit here to start!