Here at ProMedica Credit Union, we talk a lot about the “credit union difference.” But what does that mean?
First and foremost, the ownership of a credit union differentiates it from other types of financial institutions. Rather than a for-profit organization run by a paid board of directors who report to shareholders, a credit union is a not-for-profit financial cooperative. That means you are the owners. And our volunteer board of directors — who you vote for — work to ensure that the credit union continues to meet the needs of all its member-owners.
You Benefit from the Profits
When ProMedica Credit Union makes a profit, we are able to give you a better deal. We keep our loan rates and fees low, and we pay higher interest rates on deposit accounts.
We also reinvest profits into the credit union to ensure that you have access to the financial products and services you need. And we provide educational opportunities to ensure that every member has the information they need to make smart financial decisions.
The Local Economy Grows
Most important, though, the money you entrust to us at ProMedica Credit Union stays in our area. Our staff and leadership lives in this community, and we make all our lending decisions locally.
So every time you walk into a branch, use your debit or credit card, or take advantage of our low loan rates and fees, you know you’re helping the local economy thrive. The American Independent Business Alliance gathered various studies of the economic impact of local businesses, and on average, locally owned businesses recirculate 48% of the funds spent there, as compared to 12% from non-local stores.
So, your deposits can help your fellow members buy their first house or car, start a business, or fund their education. And when you use our auto lending program to buy your next new or used car, you’re likely to go to a locally owner car dealer. The salesperson will earn a commission that helps support his or her family. The owner will use the funds to keep the dealership open and pay non-sales staff. The owner will also advertise on local radio an in local newspapers. The salesperson and staff will spend their salaries at local grocery stores, shops, and restaurants, keeping those business afloat and the employees working.
If you like to buy local, you’re going to love banking locally at ProMedica Credit Union, too.