KeyPoint is not a bank, but when talking with people who aren’t familiar with credit unions, it’s often easier for us to describe ourselves as a bank.
Banks and credit unions have similar products, services, and 24/7 account access, but the biggest difference is in the internal structure of a credit union like KeyPoint. We are not-for-profit and we are owned by our members. As a result, all “profits” are returned to our member/owners in the form of better rates and lower fees.
Credit unions look for ways to give back to our members as much as possible. That’s why KeyPoint members enjoy free Organic Checking, free Online Banking, mobile apps, Bill Pay, eStatements and payment holidays. Some banks charge for these same products and services. At KeyPoint, you’ll also find free Passport Rewards with your Debit Card—yes, really truly free rewards, and you don’t have to do anything to earn them.
When it comes to fees, well, that’s how banks earn dividends for their stockholders. Just compare your bank credit card with a KeyPoint credit card. Our fees are consistently lower in a side-by-side comparison with bank cards. And we don’t play games like advertising a low rate that’s only for purchases, while charging higher rates for cash advances and balance transfers.
Credit unions also have an all-volunteer Board of Directors to guide us and ensure that we’re serving the needs of our member/owners. The Directors are democratically elected by KeyPoint’s members, and meet at least once a month to review our financial performance and guide our strategic direction. We are currently looking for new volunteers, and I encourage you to contact me if you are interested in learning more.
There are over 100 million credit union members in the U.S., which means that 1 in every 3 U.S. citizens is a member! If you’re looking for the best value, a financial cooperative beats a big bank any day of the week.
I wish you and your family a healthy, happy New Year!