Category: Banking
Credit Unions vs Big Banks
Often times, credit unions grow up around a community, or a place of business, and the PSE credit union is no exception. The PSE Credit Union has been around since 1955, and originally started as the “Parma City Employees” Credit Union, and now, anyone can become a member. Many people understand the difference between credit unions and “big banks”, but what is it specifically that sets them apart? At the PSE Credit Union, it’s that they are a not-for-profit business, as opposed to the big banks, which are for profit. Instead of having to appease their shareholders, their goal is to serve their members. In their eyes, what’s best for a bank’s shareholders isn’t always best for the customers – as a credit union, what’s best for their customers their primary goal. This can often translate to better service and member satisfaction. For example, according to the most recent annual American Customer Satisfaction Index, credit unions scored an average of 86% for customer satisfaction, while the average bank score 76%. Credit Unions are also generally able to offer better interest rates – meaning lower interest rates on loans, and higher interest rates on savings. This is because credit unions typically have less overhead than most banks, and don’t have to make a profit to pay shareholders. It’s important for people to be able to trust their financial institutions in these uncertain
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