When you’re choosing where to bank, you have plenty of options. But did you know that a Credit union offers something a little different from a traditional bank?
Credit unions provide many of the same financial services as banks, including checking and savings accounts, auto loans, mortgages, credit cards, and certificates. The difference is in how they operate and who they serve.
Credit Unions are member-owned, not-for-profit financial cooperatives.
Operating primarily for outside shareholders, credit unions are designed to serve their members and help them reach their financial goals.
A member-first approach can mean competitive rates, fewer fees on certain accounts, and a more personal banking experience. And for a local credit union like Palisades Credit Union, it also means being part of a community that looks out for its neighbors.
Let’s explore what makes credit unions different, who can join, and the seven benefits of becoming a member.
What is a Credit Union?
A credit union is a financial institution owned by its members. When you join, you’re not just opening an account, you’re becoming part of a financial cooperative.
Unlike publicly traded banks, which may distribute profits to shareholders, credit unions reinvest their earnings into their operations, services, and member benefits.
This structure can help credit unions offer competitive interest rates on loans and deposits, keep certain fees low, and invest in services that support their members’ financial well-being.
Credit unions also operate democratically. Members have voting rights in credit union elections, helping give them a voice in how their financial institution is governed.
So, while banks and credit unions may offer many of the same products, their ownership structures and organizational priorities are different.
Can Anyone Join A Credit Union?
One common misconception is that credit union memberships are exclusive and that only certain people can join. While credit unions have membership eligibility requirements, many serve entire communities rather than just employees of a particular company or members of a specific organization.
At Palisades Credit Union, you may be eligible to join if you:
- Live, work, worship, or attend school in Rockland County, NY or Bergen County, NJ
- Have an immediate family member who is already a member
- Live with someone who qualifies
- Work for one of our Select Employer Groups (SEGs)
Not sure if you qualify? Contact us and we’ll help you figure it out!
7 Benefits of Joining a Credit Union
So, how does the member-owned structure of a credit union benefit you? Here are seven reasons to consider making the switch.
1. Competitive interest rates
Because the credit unions model is designed to serve their members rather than outside shareholders, they can often offer competitive rates on loans and deposit accounts.
- Lower interest rates on loans. From mortgages to auto loans, credit unions are often able to offer the lowest interest rates on loans.
- Higher interest rates on savings. If you’re looking for a place to grow your savings, the interest rates on savings accounts, money market accounts, as well as certificates can be much higher than those offered at banks.
Of course, rates vary by institution, account type, creditworthiness, and market conditions. It’s always a good idea to compare current offers and account terms before making a decision.
At Palisades Credit Union, we offer a range of banking and borrowing options to help members find solutions that work for their needs.
2. Lower Fees
Banking fees can add up over time, especially when you’re paying monthly maintenance charges of ATM fees.
Credit unions may offer accounts with fewer fees, lower service charges or opportunities to waive monthly fees by meeting certain requirements.
At Palisades Credit Union, our checking account options offer benefits such as online and mobile banking, convenient account access and opportunities to save on fees. Depending on the account you choose, you may also qualify for ATM fee refunds and other perks.
Before opening an account, review the fee schedule and requirements so you know exactly what to expect.
Explore Palisades Credit Union Checking accounts
3. Home Financing and Personalized Guidance
Buying a home is a big milestone, and navigating the mortgage process can feel overwhelming. A credit union can be a valuable resource when you’re comparing financing options and figuring out your next steps.
Credit union may offer mortgage products, home equity loans and lines of credit, along with assistance to help you understand the application process. With a credit union you also alleviate the worry of having your home loan sold to a new servicer or larger institution where they won’t be able to offer you the same level of guidance.
Whether you’re a first-time homebuyer, looking to refinance or considering a home improvement project, working with a financial institution that understands your needs can make the process easier to navigate.
Learn about Palisades Credit Union mortgage options
4. Federally insured deposits
Wondering whether your money is safe at a credit union? If the credit union is federally insured, eligible deposits receive protection through the National Credit Union Administration (NCUA).
The NCUA administers the National Credit Union Share Insurance Fund, which provides coverage comparable to the Federal Deposit Insurance Corporation (FDIC) protection offered by federally insured banks.
Eligible deposits at federally insured credit unions are generally insured up to $250,000 per member, per federally insured credit union for each qualifying account ownership category. Certain retirement and trust accounts may qualify for the sperate coverage under applicable rules.
This means you can enjoy the benefits of a credit union membership without giving up this important protection for your savings.
Palisades Credit Union is federally insured by the NCUA.
For additional information, visit the NCUA’s official share insurance guide.
5. Personalized service and financial advice
Sometimes, managing your money means more than checking your balance or making a payment. You may have questions about buying a car, building an emergency fund, improving your credit, or preparing for a major life change.
Credit unions often emphasize personal relationships and member support, giving you opportunities to connect with people who can help you understand your options.
At Palisades Credit Union, we’re proud to serve our local communities. Whether you’re exploring a loan, comparing accounts, or looking for guidance on your financial goals, our team is here to help you navigate your options.
We’re here for milestones, the everyday questions, and the moments when you could use some direction.
6. A strong focus on member satisfaction
Personal service is an important part of the credit union experience, and research suggests that members notice the difference.
According to J.D. Power’s 2026 U.S. Credit Union Satisfaction Study, credit unions earned an overall satisfaction score of 725 out of 1,000, compared with 657 for retail banks. The study found that credit unions continued to outperform retail banks in overall customer satisfaction.
While experiences vary by institution, this research highlights an important advantage of the credit union model: a focus on relationships, trust, and the needs of members.
At Palisades Credit Union, we believe banking should feel approachable. You should be able to ask questions, explore your options, and get the support you need to make informed financial decisions.
7. You’re part of a community
Perhaps one of the most meaningful benefits of joining a credit union is becoming part of something bigger than your everyday banking.
Because credit unions are member-owned cooperatives, their focus extends beyond providing financial products. Many also support their communities through financial education, charitable partnerships, volunteer opportunities, and local initiatives.
Palisades consistently partners with and sponsors many local organizations and events. We also offer yearly scholarships to eligible local high school seniors, because the future of our community matters to us!
Are you ready to Join?
Whether you’re opening your first checking account, looking for a better way to save, or exploring financing for your next big purchase, Palisades Credit Union is here to help.
Open an account online or visit one of our branches in Nanuet, Orangeburg, or New City to chat with us in person!
