Services Offered by Credit Unions vs. Banks
When managing our money, we often turn to financial institutions like banks and credit unions. While both offer a range of financial services, there are some serious differences between the two. Banks are for-profit institutions owned by shareholders that aim to maximize profits by charging fees and interest rates. Credit unions, on the other hand, are not-for-profit organizations, owned by their members. Because of this, CUs care less about profit and choose to prioritize providing affordable financial services to their members.
You may be asking yourself, but are the services offered by credit unions as comprehensive as what I’d get at a bank? The short answer? Absolutely! Now let’s dive into all the awesome offerings at White River Credit Union.
Savings Account Types: Oh, the Ways You Can Save!
Classic Savings Account
A Classic Savings Account at White River Credit Union is an excellent option if you’re looking for a reliable way to save money. This account is offered as part of the WRCU Classic Account package in addition to a ton of other perks. One of the unique features of a Classic Account is the Save for Something Savings Account which can be an add-on to help you accomplish your savings goals.
But that’s not all! Our Classic Account offers competitive interest rates and provides a range of benefits to help you easily manage your finances. One such tool is free eAlerts sent to your mobile phone or email, which can keep you updated on your account balances, transactions, and more. In addition, WRCU offers financial webinars, providing valuable resources to help you make informed financial decisions. And the best part – they’re free!
Rocky Raccoon Account
If you’re looking for a way to give your child a head start on their financial journey, a Rocky Raccoon Savings Account with White River Credit Union might be just what you need. Designed for children aged 0-12, this account provides a fun and easy way for your child to develop strong saving habits while also learning valuable financial lessons.
Setting up the account is quick and easy, requiring only a minimum deposit of $25 to start. The best part? There are no monthly service charges, so you can rest easy knowing that your child’s savings are growing without unnecessary fees. Also, how cute is Rocky?
Student Savings Account
According to the Pew Research Center, only 24% of young adults are financially independent by age 22. Let’s fix that! Fortunately, White River Credit Union offers a Student Savings Account designed to help teens develop financial responsibility and positive saving habits.
This account comes with various benefits, including eAlerts to your mobile phone or email, keeping you up-to-date with account balances and transactions (psst, you can set parental alerts, too!). WRCU also provides free member seminars and check-writing and balancing tutorials to help teach important financial skills. Plus, with our mobile app and check deposit features, you can easily manage your finances anywhere.
Borrowing Services Offered by Credit Unions
Business in the front, party in the back! Call it the mullet of borrowing options; WRCU offers a variety of business and personal loans to meet your needs. Our members enjoy the convenience of getting 24/7 loan decisions through our user-friendly online application. With just a few clicks, apply for a loan from anywhere, anytime. You’ll receive a callback within 15 minutes of your application submission to ask any questions you may have.
Business Loan Options:
- Signature loan
- Line of credit
- Visa credit cards
- Uber/Lyft loan
Personal Loan Options:
- Home loans
- Home equity line of credit (HELOC)
- Vehicle and motorcycle loans
- Recreational loans
- Personal loans
- Visa credit cards
- Line of credit
Getting Virtual with Online Banking Tools
While we love seeing our members pop into the CU for a visit, we understand that life gets busy. That’s why we’ve developed several online banking resources to allow you to handle everything on the go. From our online and mobile tools to our Visa credit and debit card options, 24/7 virtual banking is as easy as tapping a screen.
Have More Questions about Credit Unions?
We know choosing where you bank matters. If you have more questions about becoming a member at White River CU, call or text us at (360) 825-4833. You’re also welcome to stop by our location or send us a message through our contact page.