Membership

When you walk into the Credit Union lobby, or call a loan officer, what makes U.P. Connection Federal Credit Union different from a bank isn’t immediately apparent. The two financial institutions may offer similar products and service, but there the similarities stop. There are crucial differences, which go beyond financial issues.

  • U.P. Connection Federal Credit Union offers it members a non-profit, democratic, member-controlled ownership structure while stockholders, not customers, control banks. Credit Unions are the only democratically controlled financial institutions in the United States.
  • U.P. Connection is a locally-owned institution providing you with personal service right here in Omaha. Unlike recent bank mergers, which force their customers to use 800 numbers in another state, our service and problem resolution is local. You may walk into any office and speak with a real, live person. You will never be charged a fee for that service.
  • U.P. Connection charges lower fees than its banking competition.
  • U.P. Connection is governed by an all-volunteer Board of Directors unlike banks that have highly paid Board of Directors who work for the large stockholders, not the customers.

Credit Unions vs. Banks: How They’re Different

Banks

Credit unions

Structure

For-profit institutions Not-for-profit institutions

Rates and fees

Tend to pay lower interest rates and have higher fees Tend to pay higher interest rates and have lower fees

Insurance on your funds

Your funds in a bank will be insured by the FDIC up to $250,000 Your funds in a credit union will be insured by the NCUA up to $250,000

Customer service

Less emphasis on personal interactions Emphasizes local and personal interactions

Physical locations

Large national banks will have many branches across the country. Smaller banks can cover smaller regions. Credit unions will usually have fewer branches than banks, but some participate in a shared branching network that allows you to visit physical locations of a partner credit union.

Technology

Banks, particularly large ones, will usually be quicker in rolling out new technologies. Although some credit unions are tech-savvy, generally credit unions can lag behind big banks in implementing new technology.

U.P. Quick Links


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