What are the Major Benefits of a Credit Union

Both major banks and credit unions offer similar products, savings accounts and checking accounts, loans and many other vital financial services, but few people weigh out the pros and cons to make the best financial decision for them and their family. Both major banks and credit unions are a safe place to keep your money, but there are many differences that can impact your bottom line. In this blog we will explore the reasons that you should not turn a blind eye when choosing a financial institution.

Member Owned

Ownership is one primary difference between the two types of institutions. Major banks are typically investor owned and are for-profit institutions. The ownership can be just a few individuals, or thousands of stockholders, depending on the bank. One of the major benefits of credit unions is that credit unions are often owned by the customers, often called members and are not-for-profit institutions. This can translate to major savings and flexibility for you.


Member Bonus Dividends: We Give Back to Our Members!

Here at Missouri Central Credit Union, we believe in giving back to our members. In 2020, we distributed our largest sum to date with over $150,000 deposited directly into the accounts of our members. You can maximize your Member Bonus Dividend potential by using our credit union membership services including checking and savings accounts, loans and credit cards. The more qualifying services you use, the bigger your potential Member Bonus Dividend payout. Talk to a Missouri Central Credit Union team member to find out how to maximize your Member Bonus Dividend.


Credit Unions Offer The Lowest Interest Rates On Loans

Missouri Central Credit Union offers all the major loans that you are able to obtain at a major bank, but with many benefits that an investor owned establishment simply cannot provide. Credit union loan rates are often the lowest available. From higher approval rates, more customized terms and lower interest rates, a loan from a credit union membership is often the most convenient and cost-effective method of borrowing.

Auto Loans

If you are in the market for a new, or new to you car, Missouri Central Credit Union has you covered. Whether you need a car loan for a new or used vehicle, or you simply want to refinance car loans that you already have to get a better interest rate, MCCU has some of the best auto loans around.

Click here visit our auto loans page. You can view rates and even apply online!
 

Personal Loans

There are many situations that life can present to us that may require additional funds. A personal loan is an unsecured loan that is not backed up by collateral like a typical loan. You borrow a specific dollar amount to be paid out in one lump sum with a fixed repayment plan and a fixed interest rate. You can use the funds to pay for medical bills, major auto or home repairs and even vacations and weddings. 

Click here to visit our personal loans page. You can view rates and even apply online!

Mortgage Loans

If this is your first or tenth mortgage loan, Missouri Central Credit Union is here to make the process easy to understand. You may be beginning your home buying journey or are looking to refinance your existing mortgage loan. Our Member Service Representatives are knowledgeable and experienced on the process start to finish. We can answer all of your questions regarding the mortgage loan application, closing costs, down payments, interest rates and more.

Click here to visit our mortgage loans page. You can view rates and even apply online!

HELOC

A Home Equity Line of Credit (HELOC) is an ideal loan for more in depth home improvements, finance your dream vacation, pay for a wedding or to simply have funds available in case of an emergency. A HELOC loan will use your home as collateral. HELOC loans allow you to borrow up to a certain amount, but functions more like a credit card. You will have a credit limit and can borrow any amount, up to that limit. You can draw the funds over time, or all at once.

Click here to learn more about HELOC. You can view rates and even apply online!

Community Ties and Personalized Service

Because Credit unions, such as Missouri Central Credit Union, are member owned and not investor owned, we have more flexibility with approvals and generally have lower interest rates than major financial institutions. We are invested in our community and the people that make it up and are dedicated to personalized service that has become synonymous with credit unions. You just aren’t another face here. You are a member of our community family and we will do our best to make sure that you feel comfortable and confident in our services.

High Interest Rates on Savings Accounts

We believe that every individual and family needs a savings account and a strong savings plan to prepare for the unexpected. Because Missouri Central Credit Union is a not for profit institution, we are able to pass along some of the profits in the form of higher interest rates on our savings accounts. Generally speaking, for profit institutions keep their profits instead of passing them along to members. We have a team of highly trained individuals that can evaluate your unique situation and needs and recommend the saving account that will work best for you.

It's Easy To Join!

While credit unions have often been considered exclusive and hard to join, becoming a member of Missouri Central Credit Union is easier than you think. If you meet one of our eligibility requirements, all you need to do to become a member is to open a primary share savings account with at least $25. After that, your membership is good for life and all of Missouri Central Credit Unions great financial services will be available to you.

Who Can Join?

There are many ways to be eligible for Missouri Central Credit Union.

  • You have an immediate family member who belongs to Missouri Central Credit Union
  • Your employer offers membership at Missouri Central as an employee benefit
  • You belong to the Missouri Council of Consumers
  • You work for another credit union
  • You live or work in one of these zip codes


Zip Codes Served in Jackson County Zip Codes Served in Cass County

Blue Springs
64013
64014
64015

Grandview
64030

Greenwood
64034

Lone Jack
64070

Raytown
64133

Independence
64055
64057

Lee's Summit
64063
64064
64081
64082
64086

Unity Village
64065

Kansas City
64134
64136
64138
64139
64149

Pleasant Hill
64080

With all of the financial institutions out there, if is important to do your research and make the best decision for your unique and individual situation. Considering a credit union membership over a bank will not just impact your bottom line, it can provide comfort and security with benefits that major banks simply cannot provide.