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5 Credit Union Benefits Worth Scooping Up

Wednesday, August 21, 2013 - 8:34 AM
Credit unions offer a host of valuable freebies.

Since they're nonprofit institutions owned by their account holders, credit unions excel at giving back generous perks. They dispense free online financial education classes, college scholarships and discounts on cars. Some credit unions even put more money in your pocket by dispensing cash dividends every year.
ShorebreakShorebreak2,675 posts since
Apr 6, 2010
Rep Points: 14,527
1. Wednesday, August 21, 2013 - 11:17 AM
Credit union dividends are of course not guaranteed from one year to the next, but they are definitely a welcome surprise when awarded.  Ken has previously posted on credit unions which have paid year-end dividends in 2011 (see here and here) and in 2012

Some of the bonuses are quite generous, for example the 12% NavyArmy FCU year end dividend paid in 2012.
pearlbrownpearlbrown1,472 posts since
Nov 2, 2010
Rep Points: 6,392
2. Wednesday, August 21, 2013 - 11:50 AM
Some credit unions offer benefits which may not be widely known.  For example, starting from PenFed's home page, if you click on "Member Benefits" and then under "Member Discounts" click on "Personal", there are links to (among others) "Dental Benefits Max", "On call doctor" and "Tricare supplement plan".   The first two appear to be discount plans, not insurance, and of course may not be appropriate for everyone, especially if you already have related coverage. 

I have seen similar links while exploring benefits at other credit unions. 
pearlbrownpearlbrown1,472 posts since
Nov 2, 2010
Rep Points: 6,392
3. Wednesday, August 21, 2013 - 6:33 PM
The best benefits form credit unions:

1. High interest rate for RCAs and CDs,

2. Low-rate loans,

3. Credit cards with no-fee 0% BT,

4. Linked accounts with Share-Branching.

These are the major benefits I treasure; other perks stated in this article are just icing on the cake. 

51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
4. Friday, April 11, 2014 - 2:12 AM
With a credit union you are a member, or a stakeholder. With a bank you are simply a customer. Banks are for-profit institutions and their goal is to make money for the stockholders of the company. A credit union is not-for-profit entity and their goal is pass through the profits to the members. This comes in the form of added member benefits such as low fees and low rates.

The Advantages of Switching to a Credit Union
AprilMorganAprilMorgan1 posts since
Apr 11, 2014
Rep Points: 3