Thursday, August 22, 2013

Mid Minnesota Federal Credit Union is Going Social!

In an effort to enhance membership experience and build relationships, we are excited to announce that Mid-Minnesota Federal Credit Union (MMFCU) has joined the social media revolution!

We now provide additional communication and valuable information via the following social media platforms:
Not only is this environmentally friendly, it will provide "fans" and "followers" helpful tools and resources to gain a brighter financial future! Our social media platforms will allow us to provide current and useful messages about our credit union including:
  • Financial Education
  • Employee Updates
  • Community Involvement
  • What are members are saying
  • Important Notifications
  • Special Offers
  • And more!
If you like helpful, timely, and FREE information- simply like, follow, subscribe, etc. to our social media platforms!

Mid Minnesota Federal Credit Union- We're with you all the way!

Friday, August 9, 2013

The Credit Union Difference

Pequot Lakes Branch

Whether you belong to a Credit Union or not, many of us are unaware how they differ from banks. Although both offer seemingly similar services, there are some quite distinct differences between the two. To better determine which option is best for you, let’s take a look at some of the basics:

· Credit Unions are member-owned. Banks are owned by stockholders. 

Everyone who has an account is a member, or owner, of the Credit Union. Members can vote for Credit Union directors to help run their financial institution. 

· Credit Unions are not-for-profit. Banks exist to make a profit.

The primary goal of a Credit Union is service, not profit. Credit Unions can frequently offer better rates on savings and loans because the focus is off the bottom line.

· Credit Unions are limited in who they can serve. Banks can usually serve anyone. 

Not everyone can be a member of any Credit Union. A Credit Union’s charter explains exactly who they serve. Mid-Minnesota requires members to live, work, worship, or attend school in the geographic regions they serve (Cass, Wadena, Crow Wing, Todd, Douglas, Morrison), or are a blood relative of someone who meets those guidelines. A Simple $5.00 deposit is all that is required. 

· Credit Unions elect volunteers to represent members. Banks pay directors to serve.

The Credit Union Board of Directors is made up of regular members who meet monthly to determine and act on a variety of issues. The Mid-Minnesota Board of Directors is made up of unpaid volunteers who take on fiduciary responsibility in setting the direction of credit union policy and much more. The board consists of members from varyings communities throughout Central Minnesota. 

· Credit Unions primarily serve the consumer market. Banks focus on business.

Credit Unions came into existence because individuals felt under-served by banks.

Jeanne Lee, Little Falls Branch Manager
With so many distinguishing factors, it’s surprising how few people are aware of the differences between Credit Unions and Banks. It is also surprising how many individuals overlook the benefits that Credit Unions offer. While accessibility is greater at a bank that serves a much larger geographical region, the benefits a Credit Union offers more than makes up for that. Who wouldn’t want their earnings returned with lower loan rates, higher savings rates, and free or low-cost services? The choice is simple, Credit Unions work for you!