Membership Benefits of a Credit Union


Becoming a member of a credit union has many benefits that traditional banks do not offer. A credit union is a not-for-profit cooperative, where customers are actually members and become part owners. Earnings are paid back to the member-owners in the form of higher savings rates and lower loan rates. Banks are for-profit corporations where earnings and profits are paid to stockholders.

The biggest difference is that a credit union is founded on democratic, cooperative principles. Rather than being a "for-profit corporation" that answers to stockholders and investment firms, a credit union is a not-for-profit organization that is fully owned and directed by its members.

This means that earnings are paid back to the member-owners in the form of higher savings rates and lower loan rates. While this means more savings for members, a typical member will not notice much, if any, difference in their daily banking habits.

BMI Federal Credit Union® is committed to improving the financial lives of each and every one of our members. And we say "members" because when you join BMI Federal Credit Union, you're not a customer, you're part of a member-owned cooperative.

By opening an account at BMI Federal Credit Union, you can enjoy a lifetime benefit that will follow you wherever you may go in life.

A few benefits of being a member include:

If you'd like to tell us how we can improve your credit union experience, please let us know by completing one of our surveys.