Credit unions’ focus on members helps them provide more personalized service, America’s Credit Unions Chief Membership and Engagement Officer Anthony Demangone told Vox Creative for an article on how joining a credit union benefits communities.
In addition to products and services, Demangone notes that credit unions also partner with members to help them achieve “life’s big moments,” everything from buying a first home or saving for retirement.
“As you and your family prosper, the credit union is able to reinvest in its membership and the community it serves,” he said. “When you choose a credit union, you are helping your neighbor, all while helping yourself. Your deposit helps fund a car loan for someone local. Someone else’s deposits helped fund your mortgage.”
He noted examples around the country of credit unions’ support for charitable giving within their communities, including local food pantries, scholarships, and other community investment products. This also includes the more than $200 million credit unions have donated to Children’s Miracle Network since 1996, making credit unions the third-largest lifetime donor.
“Far too often, we see banks turn their backs on communities because they’re not meeting profit expectations,” Demangone said. “Credit unions step in when banks leave because our movement firmly believes that all communities — regardless of socioeconomic status, location, or population — should have access to a reliable, trustworthy financial institution.”
