3 Benefits of a Credit Union - California Credit Union and North Island Credit Union (2024)

FAQs

3 Benefits of a Credit Union - California Credit Union and North Island Credit Union? ›

At a credit union, the net proceeds are distributed back to the members in the form of lower fees, lower lending rates, and higher returns on savings. Open a Savings Account Today!

In Los Angeles, Orange, San Bernardino and Ventura Counties, we are known as California Credit Union. In San Diego and Riverside County, we do business as North Island Credit Union, a division of California Credit Union.

The pros of credit unions include better interest rates than banks, while the cons include fewer branches and ATMs.

Banks and credit unions both offer a number of financial products, including savings accounts and certificates of deposit (CDs). The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among their members.

Financial Security

We are highly capitalized, with a net worth ratio of 9.66%, which well exceeds regulatory requirements for well capitalized credit unions.

By spreading your accounts around to different federally insured banks and credit unions, you can get access to having more of your money insured by the NCUA or the FDIC. You can better manage your money and build your savings.

What are 3 differences between a bank and a credit union? ›

But compared to banks, credit unions tend to be smaller, operate regionally and are not-for-profit. In many instances, they offer lower rates on loans, charge fewer fees and offer better interest rates for deposit accounts than traditional banks.

The main benefits of a credit union vs. a bank are that credit unions tend to offer better rates and customer service, lower fees, and a national network of ATMs. However, a bank may offer more branches and products than a credit union.

The No. 1 honoree, SchoolsFirst FCU, is California's largest credit union, serving more than 1.3 million school employees and their families — and managing $28 billion in assets. This is the fifth consecutive year SchoolsFirst has earned a spot among the top-ranking credit unions on Forbes' annual rankings.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

In conclusion, traditional banking offers a range of advantages such as personalized customer service, physical branches, and a sense of security and trust. However, it also has its drawbacks, including potential fees, limited accessibility, and lengthy processes.

In 2017, North Island Credit Union joined forces with California Credit Union to provide even greater opportunities to Californians throughout the state. A true partnership for the future, California Credit Union further established our roots in the local community and our proud ties to the military.

The credit union also has members in the San Diego area after it acquired North Island Credit Union in 2017, which has since operated under that name as a brand of California CU.

Los Angeles Teachers Credit Union was founded in 1933 to provide financial services to teachers and others in the education community. In 1995 the credit union changed its name to California Credit Union.

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