Last year, credit union membership grew by 2 million people and credit union deposits topped $1 trillion for the first time ever, according to the Credit Union National Association. This was after banks got a bad rap during the financial crisis for their part in risky mortgage lending and for fees that many consumers view as unnecessarily greedy…

Think of credit unions as not-for-profit banks. That’s what they are, although they are not allowed to call themselves by that name. Do they have something to do with credit cards? Only partially. Or unions? No. Are they private clubs that few people can join? No again.

Today anybody can join a credit union. There’s always a way, and yet many people don’t realize that. True, in the old days, you could only join a credit union if your employer offered one. That’s still a great way in, but there are plenty of other ways to join. For example, one credit union runs a charitable foundation in its community and if you donate $25 to the foundation you are eligible to join the credit union. To become a member of First Financial, you must live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties, New Jersey, as well as keep at least $5 in a base savings account with the credit union.*

Why would you want to? Since credit unions are not-for-profit, they can often afford to offer their members lower rates on loans. They are also more flexible in listening to members’ stories rather than just looking at their credit scores. So if you have imperfect credit, but there’s an understandable reason for it, such as an illness in the family, or a recession-related job loss, tell your story and you may still get approved for a loan at a credit union.

What size savings might you find? Here’s one example. After researching interest rates online for a $25,000 car loan, some banks were charging as much as 11.22 percent. The lowest rate found was at a credit union. Over the course of the loan, a lower rate of 4.25% would save you nearly $2,000!** Check out First Financial’s current loan rates to see if you can save money by refinancing or applying for one of our loans.

Go ahead, consider at least adding a credit union like First Financial to your financial strategy. Americans seem to be catching on that credit union membership is a beneficial piece of the financial puzzle.

“Every member of the credit union is an owner,” explains Issa Stephan, President and CEO of First Financial Federal Credit Union. “Money doesn’t go to a few investors, or to rally the stock price. We put what we need in capital as required by the federal government. Everything else goes back to the members through lower rates on loans, higher savings rates, updated technologies and assisting members through hard times. A lot of people lost their jobs and went through difficult times recently, and we use our resources to help our members with integrity and commitment to their long-term financial success.”

Doesn’t this make you interested in trying a credit union? If you’re not a member already, spread the word to family and friends! Call us at 732.312.1500, stop into any one of our branches, or visit us online at www.firstffcu.com to open a membership today!

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*$5 in a base savings account is your membership deposit and is required to remain in your base savings account at all times to be a member in good standing. All credit unions require a membership deposit. **Credit worthiness determines your APR.