Guest post: ​Are Credit Unions OId-Fashioned?

Faith Munsell
Internet Marketing Assistant
Bizzuka, Inc.

A lot of confusion surrounds the idea of what a credit union is, and what it can do for its members. With the copious amounts of high-fee, high-tech financial institutions competing for attention from customers, it’s not hard to mistake credit unions as “old-fashioned banks”.

ASI Federal Credit Union and other institutions alike have been around for quite some time, but they are far from obsolete. As a matter of fact, some people refer to credit unions as a better bank. 

The goal of banks as for-profit institutions is to make money for the company’s stockholders. Making a profit is a harmless act. However, to them, you are only another customer whose worth is determined by how much money is stacked up in your safe.

At ASI and other credit unions, customers are looked at as members. We at ASI are non-profit and pass our profits on to our members in the form of low fees, low-rate auto loans and home loans, as well as benefits like dividends. Unlike a bank, credit unions use their profits to produce services and products that are more affordable to their community members.
Due to their small size, services and products like loans typically have lower interest rates and members relish over lower monthly loan payments than those that banks provide. 

While certain credit unions exist as part of entities that service certain groups of people within a particular region, companies, church congregations, or civic organizations,  ASI membership is open to all! ASI Federal Credit Union serves its highly valued members within these areas:

•    Bridge City
•    Avondale
•    Westwego
•    Waggaman
•    Marrero
•    Gretna
•    South Kenner
•    Harvey
•    St. Tammany Parish
•    Lafourche Parish
•    Orleans Parish

If you work, worship, attend school, or live in the above areas, you are eligible to join!
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Although credit unions are definitely smaller than major national banks, most of the misunderstanding lies within the idea that credit unions offer less services than their larger counterparts and aren’t centrally located. Contrarily, members of credit unions do not have to worry about locating an ATM to serve them. ASI is able to give services and products that best meet individual needs over a Co-Op branching network through focusing on fewer brick-and-mortar locations and more on our valued members.

ASI provides you with flexibility and options when it comes to using ATMs as a part of this network. Relying on a member’s location, shared co-op branches and thousands of ATMs are at their disposal, so funds are always readily available. With a free ATM card, members of ASIFCU can relish in greater financial independence without ridiculous fees.

Credit unions are financial institutions that are federally regulated. However, this does not mean that their financial services are fewer, but rather provide service to a smaller customer population. Due to the fact that they are regulated by both state and federal levels, member investments are just as protected as they would be at a larger financial institution with a bank account. 

When viewing the technological advancements made by credit unions, nothing outweighs the benefit of having member service and account access in the palm of your hands. ASI provides numerous 24/7 accessible e-services that include mobile banking, simple online loan applications with instant approvals, online banking, account transfers, email access to our member service representatives, and bill pay.

Theoretically, is a credit union really old-fashioned? With the expanding need for institutions to provide amazing member/customer service while simultaneously keeping up with technology, ASI is absolutely not your parents’ bank. We are a financial institution that works for our members’ well-being while safeguarding their investments, making financial services and products more affordable, and treating them respectfully.

Contact ASI Federal Credit Union today to learn how you can join our ASI family. 

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