Is It Better to Use a Credit Union or Bank?

There are a number of ways that using a credit union can be better than using a bank. When you need a loan at a reasonable rate or a new checking or savings account, consider joining Bellco Federal Credit Union. We go above and beyond to meet your needs.

In 1938, Bell Telephone employees formed Bell Telephone Credit Union. They wanted to create a financial institution they could trust, one where they had a voice and one that would work to help fellow employees obtain hard-to-get loans.

Now, just over 80 years later, Bellco FCU, a member-owned, not-for-profit federal credit union, continues to offer unique financial products and services to people and small businesses in Berks County, PA.

Whether you are looking for home lending solutions, credit or debit cards, auto loans, or an excellent savings program, we have a product that will meet your needs.

Why Choose a Credit Union?

  1. Lower interest rates on loans and credit cards; higher rates of return on CDs and savings accounts. Since credit unions are non-profits and have lower overhead costs than banks, we are able to pass on cost savings to consumers through competitively priced loan and deposit products. The National Credit Union Administration (NCUA) provides a comparison of national average rates on common products offered by credit unions and banks.

  2. Fewer account fees. It’s virtually impossible to find a free checking account at a bank these days unless you can maintain a large account balance. You may also have to pay an assortment of extra fees, such as for online or paper statements. Bellco FCU is proud to offer its members several attractive checking and savings accounts that all feature:

    • No monthly service fees

    • No (or very low) minimum deposit to open account 

    • No minimum balance requirements

    • Free online banking with bill pay

    • Free mobile banking

    • Free eStatements

  3. Nationwide ATM Access. Unlike banks that can offer many branches and large networks of branded ATMs, credit unions are bound by different federal and state regulations that prevent us from opening up branches and ATMs anywhere we want in the world. However, we are just as convenient as major banks because our branches are located right in the communities we serve. Members also have access to a nationwide network of thousands of surcharge-free ATMs and may be eligible for refunds on some non-network ATM fees.

  4. Insured deposits. Bellco FCU (and 98% of the credit unions in the U.S.) are insured by the federal NCUA (referenced above), which provides the same protections that the Federal Deposit Insurance Corporation (FDIC) provides to banks – insurance coverage on deposits up to $250,000.

  5. Friendlier service. Some banks are notorious for treating their customers as little more than profit magnets. Bellco FCU employs dedicated and experienced professionals who genuinely listen to your needs and offer financial solutions with the compassion of a true neighbor.

  6. Easy to join. All credit unions have rules about who is eligible to join, but you may be surprised how easy it can be to become a member! Bellco FCU offers membership to people who live, work, worship, or attend school in Berks County, including immediate family members, such as your spouse, children, siblings and parents.