Weighing the cost of a financial institution can be heavy. Deciding where to keep your money is a big decision. You may have heard of a federal credit union before, but how does it differ from a bank? Keep reading to discover the 3 key differences between local credit unions and big banks!

     1.)  OWNERSHIP

Big banks are...well, big! National banks are typically owned by shareholders whose primary goal is to make a big profit. Now, you won't hear us saying that making a profit is a bad thing, businesses need profits to survive. What it does mean is that their decisions are often made with the bottom line in mind, and profits tend to be put above customers.

At Lampco Federal Credit Union, we know that we wouldn't be here without our members! We are a community-focused, not-for-profit orgainization, and 100 % FOR our members! We view profits differently than banks. We return our profits back to our members with better interest rates, lower fees, and personalized services.

     2.)  CUSTOMER SERVICE & CONVENIENCE

Big banks can feel cold, sterile, and impersonal. The only good thing about a big bank is they are typically convenient, but in today's world, you don't need a big bank to experience banking convenience! Need a fancy mobile app? Someone who always answers the phone? A wide range of financial products and account options? At Lampco Federal Credit Union, we prioritize customer service, convenience, and financial products so you can feel at ease when it comes to your money.

We want to know your name, your family, and your situation. At Lampco, you're not just an account number, your a member of our financial family!

     3.)  FEES & INTEREST RATES

When you work with a big bank, you never really know where your money is going.

At Lampco, we believe in passing the savings on to you. We keep our overhead costs low, so it doesn't show up in your loan and dividend rates. We strive to bring you the best rates and cost-savings products in Madison County, Indiana.

When it comes to banking, there is no one-size-fits-all answer. It's always a good idea to do your own research and visit both a bank and a federal credit union to get a feel for what suits your family's need best. Ultimately, the best financial institution for you is the one that helps you achieve your financial goals and leaves you feeling secure about your banking decisions. 

We encourage you to stop by Lampco Federal Credit Union to meet our team and see what we have to offer!