Credit unions deliver the same everyday banking tools as large banks — checking, savings, loans and mobile apps — while offering community-focused advantages that many consumers overlook, Patty Corkery, president and CEO of the Michigan Credit Union League, said during an appearance on “Live in the D.”
Corkery said credit unions grew out of the Great Depression, when teachers, hospital staff and factory workers pooled money to lend to one another and have evolved into “fully functioning financial institutions.” She emphasized that joining is easier than many people think, with most Michigan credit unions open to residents in their communities or statewide.
With fraud on the rise, Corkery said having a branch nearby still matters, even in a digital-first era. In-person help can be critical when resolving compromised cards, password scams or navigating first-time car and home purchases, she said.
“Credit unions are not for profit,” Corkery said. “So, if you really want to support a business that’s doing something amazing in your community, then you join a credit union.”
Because they are not-for-profit, members are also owners, Corkery added — a key distinction from other financial institutions. For more information or to find a nearby credit union, visit tryacreditunion.com.
To watch the segment, click on the video above.