Credit Union: Learn Good Money Habits

Credit Union: Learn Good Money Habits

By Peggy Werner

Credit Unions and banks are similar in that they offer financial products such as savings and checking accounts, loans and mortgages, online and mobile banking convenience and other services. They’re both held to many of the same regulations and they both insure accounts. But there are also some notable differences.

Unlike banks, credit unions are notfor-profit and owned by an entire group of account holders called members. Credit unions tend to offer financial products at more favorable repayment terms, lower loan rates, reduced fees, and other discounts, says Matt Lynch, director of marketing for MembersAlliance Credit Union, 2550 S. Alpine Road.

“Credit unions are about people, not profit,” he says. “We know our customers and have a history with them, which figures into what we can do to help them.”

MembersAlliance also is focused on community involvement, partnering with and supporting other organizations to promote financial literacy and sponsor local events.

The credit union, which services Boone, Winnebago and Ogle counties, recently wrapped up events for Money Smart Week. It partnered with other community organizations to offer a variety of seminars and classes on Medicare, retirement planning, budgeting for both English- and Spanish-speaking adults and youths and tips for avoiding identity theft.

At any time of year, high school teachers can offer free online financial education classes for students through MembersAlliance.

“We want students and adults alike to develop good money habits and use credit responsibly,” says Lynch. “We want people to learn about money, how to budget, how to manage money, and to understand what credit is and how you can repair it.”

Learn more at membersalliance.org or visit one of the Rockford locations at 2550 S. Alpine Road, 6951 Olde Creek Road and inside the Wal-Mart supercenters at 7219 Walton Road, 3849 Northridge Dr., and at 4781 E. Rockton Road in Roscoe, Ill. ❚