It’s important to have a financial institution you can trust. You need a place to store your cash as well as a reliable loan provider and a source for other financial needs.
Most people default to a local bank when it comes to selecting a financial institution. After all, there are tons of banks out there and they offer all kinds of financial services. But banks aren’t your only option — in fact, the smarter decision is to join a credit union.
Credit unions offer many of the same services as banks, but they are non-profit entities owned by their members. A bank, on the other hand, usually exists to make a profit for its investors, whether it is a private company with millions of shareholders or a publicly-traded company. Such ownership contributes to differences in the operation of banks and credit unions.
If you are deciding to join a credit union, it is important to understand these differences. This article will help you decide if a credit union is right for you.
Credit unions offer higher rates on savings accounts and lower rates on loan interest. This is because credit unions are not focused on making money, instead, they are focused on covering their operating costs.
Interest rates can be much lower for loans and, depending on the credit union, you can qualify for additional discounts. RMLEFCU has a special Relationship Rate service that brings your APR* on your auto loan even lower!
Since credit unions are not focused on making money but on helping their members, they can balance these prices better. It ensures that their members are better served and get the best rates possible on car loans, student loans, and mortgages.
Credit Union Deals
On top of better rates for members, credit unions offer exclusive member-only promotions and deals. For example, RMLEFCU offers a yearly Holiday SlideBy loan that allows you to skip a loan payment** in November or December plus many more member perks and services.
Credit unions are required by law to restrict their membership by location, profession, religion, or fraternal association. This builds a tight-knit community between members and employees.
RMLEFCU is the only credit union that serves law enforcement officers in Colorado.
Eligibility is open to current or retired employees of law enforcement organizations in the state of Colorado as well as the family of our current members. See the full list of eligible organizations here. Once you’re a member of Rocky Mountain Law Enforcement FCU, you are a member for life, even if you or your family member no longer works in law enforcement.
Ready to join RMLEFCU? Follow this link to apply for a membership online! If you have any questions or would like to speak to someone about your membership, call 303-458-6660.