If you’re looking for an alternative to big banking, faith-based credit unions are a great option to consider. They are especially unique in that they incorporate the principles and values of their faith into their services and operations. Let’s break down the benefits and what you should know.
What is a Credit Union?
A credit union is a financial cooperative owned and operated by its Members. It provides the same services as traditional banks, such as checking and savings accounts, loans, and other financial services. However, unlike banks, credit unions are not-for-profit organizations. This means that any profits made by the credit union are shared among its members in the form of higher dividends and lower loan rates and fees. They are typically run by a Board of Directors which is responsible for reviewing and creating policies, setting fees and interest rates, and providing oversight.
While the services offered by credit unions vary from institution to institution, many offer low or no-cost checking and savings accounts, mortgages, consumer loans, credit cards, investment services, and more. Credit unions also offer members special perks such as discounts on products and services, as well as access to various financial education materials.
How Faith-Based Credit Unions Work
Faith-based credit unions typically operate under Christian principles and core values. This may include things like ethical investment practices and a commitment to using financial services to promote certain values. For example, some faith-based credit unions may choose to invest in other Christian organizations that work to promote like-minded values.
Some faith-based credit unions also have higher requirements for customers to join the credit union, such as requiring that members are part of certain fields of membership, or organization or be members of a certain faith group.
Choose KOIN as Your Faith-Based Credit Union
At Koin Credit Union, we meet people where they are with modern and refreshing financial solutions while remaining grounded in our focus on serving Christ and His growing kingdom. When you join Koin Credit Union, you become part of a community looking out for your best interests.
You can rest easy knowing we handle your finances with transparency and integrity, as stewards of Christ. And you can be proud knowing you’re accomplishing your goals while helping others do the same.
Contact us today to learn more.