Maybe It Is Time…To Join Your Local Credit Union
By Glen McKenzie
Perhaps, you have passed by a branch location or viewed advertisements and billboards around town for DATCU, the local credit union serving North Texas since 1936. Have you ever thought about whether you are eligible to join the credit union or wondered how a credit union is different from a bank? If so, you might find the following information interesting.
Years ago, you had to be a teacher to join the local credit union. That is no longer true. DATCU is a community charter credit union with membership open to anyone living or working in Denton, Wise, Cooke, Clay, or Montague Counties. You can also join DATCU if there is someone in your immediate family who is a member. The fact is that you are probably eligible to join and may not know it.
What is the real difference between a credit union and a bank? First, credit unions are owned by their members, so when you join, you are an owner; they are also governed by a volunteer board of directors. As a not-for-profit financial cooperative, credit union profits usually come back to members in the form of lower loan rates, higher deposit yields, lower fees and free services––like free checking with no minimum balance requirement. Credit Unions exists to serve the best interest of members. In good years, credit unions may give year-end dividends to their member owners. In fact, since 2009, DATCU has given back $11.3 million dollars to its members in year-end bonus dividends. Stockholders own and control banks with banks having a paid board of directors. At both credit unions and banks, your money is safe because the federal government insures them––banks by the FDIC and credit unions by the NCUA.
When asking members what they love about credit unions, you hear: great service, great rates, and giving back. DATCU has been serving North Texans for almost 82 years with the primary philosophy of “people helping people.” DATCU offers a full array of financial options such as free checking, savings, auto, home, and personal loans, plus rewards credit cards, CDs, IRAs, home and auto insurance and retirement planning. At DATCU, everyone is treated exactly the same regardless of how much money one has with the credit union.
DATCU was born right here in North Texas and is deeply committed to this community. Serving both financially and with staff volunteerism, they support area schools, nonprofits, and civic organizations. A few of these include the Children’s Advocacy Center for Denton County, Communities in Schools of North Texas, Health Services of North Texas, PediPlace, Serve Denton, and United Way of Denton County.
Credit unions make a great financial home and DATCU would be delighted to welcome you to their family of over 96,000 members. With all of the latest features of today’s technology, you can conveniently begin the membership process online at datcu.org. Members will have access to 12 convenient branch locations, over 55,000 ATMs worldwide, and the ability to do transactions from a mobile phone or online. Simply put, DATCU can take care of all your financial needs.
Glen McKenzie is the President/CEO of DATCU Credit Union and may be reached at 866-387-8585.