Credit unions have a close connection with the areas they serve. Community development is an important agenda for many credit unions, on top of serving local members with their financial needs. Offering outstanding support for members doesn't just mean providing them with personalized service - it also means offering self-service coin counting technology in the lobby of the credit union.
Difference between regular banks and credit unions
Having an active financial institution that cares about the advancement of the community is an important asset to any town. U.S. News & World Report pointed out that credit unions are very similar to banks wherein they provide accounts, loans, credit cards and other services, but the profit is not necessarily for the credit union. Instead the profit belongs to the members, and credit unions are even taking that to the next level by supporting community initiatives.
According to Credit Unions Online, the Portland Credit Union is investing a significant amount of money in youth and senior programs, animal hospitals and nature preservation efforts, among other charitable causes. A credit union in Georgia is encouraging employees to partake in community service programs that benefit local food drives and various service projects. The source stated that, where many of Americans are losing trust with their financial institutions, credit unions are taking steps to secure respect and trust with the members they serve.
Investing in financial education
Additionally, credit unions are looking to improve members' education on financial planning. Financial literacy training, microloans, grants and scholarships and college and university outreach, among others, are just some of the ways unions are reportedly supporting community development as well as encouraging smart financial decisions. By also offering onsite money counting technology such as self-service coin counting machines, these financial institutions can help keep members active and invested in their credit union involvement.
October 24, 2013