Oct 1, 2018

What Can A Credit Union Offer Me That A Big Bank Won’t?

why choose a credit union

In honor of International Credit Union Day, we wanted to thank our members for helping make our institution the number one choice in Arizona and encourage future members to learn more about the credit union difference. Hughes Federal Credit Union believes that credit unions provide benefits that banks are just unable to offer due to differences in the basic structure and purpose of each type of financial institution. We acknowledge that banks and credit unions have several important similarities:

  • Both except deposits and provide financial services
  • The United States government insures deposits made at banks and credit unions:
    • Bank deposits are protected by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.00
    • Credit Union deposits are protected by the National Credit Union Association (NCUA) for up to $250,000.00
  • Both allow convenient access to money

But, this is where the similarities end. Read on to learn what a credit union can offer you that a big bank won’t.


Credit unions are not-for-profit cooperative organizations where account holders (aka members) hold part ownership regardless of their account balance. Members do not pay a monthly or ongoing membership fee, have meeting attendance requirements or other restrictions typically associated with member organizations.

Unlike a bank customer, credit union members have a voice in the operation of the financial institution. Members have voting rights. One member equals one vote.

Hughes Federal Credit Union membership is open to anyone who lives, works, worships or attends school in Tucson, Arizona. Opening a Main Share Savings Account is all it takes to become a member and gives you access to free checking and savings accounts, lower loan rates, higher dividends on deposits and fewer fees than banks.

Better Rates on Loans and Deposits

Profits made by credit unions are what allows members to obtain better financial deals. Lower fees, lower interest rates, and higher dividends are possible with credit unions because they don’t exist to generate profits. Hughes Federal Credit Union’s goal is to make a positive impact on each member's financial life. As a co-operative organization, we succeed due to the strength of our membership. One member’s savings becomes another member’s loan.

We are owned by members, not by stockholders.

Community-minded Business Practices

Credit unions across the country focus on strengthening their local communities. Member appreciation events, sponsorship participation, and financial education outreach to the community are just a few of the ways credit unions differ from other financial institutions.

Hughes Federal Credit Union is also sensitive to the needs of local small businesses. We partner with eligible member-owned companies to help them expand their customer base via marketing materials and advertising on our website at no additional cost. We are unaware of any banks that do this for their customers.

Personal Service

Relationships matter. Don’t be surprised if each time you walk into a credit union, you’re greeted by name. Small branches support the ability of credit union employees to know members by name and provide service that caters to individual needs.

Credit unions can exercise flexibility in their lending decisions. Remember, banks must answer to stockholders who demand increasing profits. Credit unions answer to their members to ensure funds are used to benefit other members and the community at large.

If you’ve been thinking about making the switch to a local financial institution that puts your needs above profit, then we invite you to visit HughesFCU.org/Switch to learn more about how we can make a positive difference in your financial life.