Whether you’re a small business owner in need of capital or a line of credit, or an individual looking to open a checking account or secure a home equity loan, businesses and consumers will find no shortage of options when it comes to institutions that can meet their banking needs in South Jersey, according to an article in South Jersey Biz.
The article, titled “Credit Unions vs. Banks”, outlines the benefits of both types of financial institutions and clarifies some misconceptions about credit unions. Speaking up on the credit union side in the article are a few credit union CEOs who talk up credit unions and what their CUs have to offer.
Ellen Kuiper, president and co-CEO of ABCO FCU explains the structure of credit unions and a bit of their history. “The idea took hold in the United States during the 1930s, another time of financial crises when money and loans were tight,” she says. “And over the years, we still adhere to the basic core philosophy of ‘people helping people.’”
Talking up the lower fees available at credit unions, David Ardire, president and CEO of Campbell Employees FCU explains that at his credit union, “We believe that we can offer most of the financial services that anyone might need, but because of the way we’re structured, we can do that with lower transaction fees and costs and lower loan rates for our members.”
The article goes on to assure readers that if their money is in a credit union, it is just as safe as if it were in a bank. Similar to the FDIC for bank deposits, the National Credit Union Share Insurance Fund, backed by the United States government, insures federally chartered and many state-chartered credit unions up to $250,000, the article states.
The article is available in its entirety here.