The Difference Between Credit Unions and Banks
Why choose credit unions instead of banks for your financial needs? Discover the differences between the two that make credit unions the better choice!
Bellco FCU, originally known as the Bell Telephone Credit Union, opened its doors in 1938 and continues to provide unique financial products and services to individuals and small businesses in Berks County, Pennsylvania.
Like banks, we accept deposits, make loans, and provide a wide variety of other financial services. But as member-owned and cooperative institutions, we provide a safe place to save and borrow at reasonable rates with exceptional customer service.
What is a Credit Union?
Credit unions, like traditional banks, offer a variety of financial services to customers. The main difference is that banks are owned by stockholders. Their management team and board of directors are interested in making as large a profit as possible.
Credit unions are not-for-profit institutions that are owned and operated by members. The money credit unions earn from interest on loans and credit cards is not paid to outside shareholders. When you join a credit union like Bellco FCU, you become a partial owner and have a say in any decisions we make.
Fee-Free Checking and Savings Accounts
Bellco FCU is proud to offer attractive checking account and savings account options that require no monthly service fees, no minimum deposits to open, and no minimum balances to carry. Members also enjoy special features, such as nationwide access to thousands of surcharge-free ATMs, free online banking and bill pay, free mobile banking, free eStatements, and more.
We have two convenient branches in Wyomissing and Sinking Spring, PA. For even greater convenience, members have access to 5200+ CO-OP branches nationwide and around the world where they can access their accounts and get answers to their questions, even when away from home.
Looking for a new car, boat, or recreational vehicle? Bellco FCU is a great resource for competitive rates, easy terms, and convenient application processing. You can even finance your new vehicle while sitting at the dealership!
Bellco FCU offers home mortgage loans, home equity loans, and home equity lines of credit with low rates that result in affordable payments. Our knowledgeable loan advisors can help you establish a home mortgage loan that suits your unique needs.
How to Become a Member
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, Pennsylvania, including immediate family members, such as your spouse, children, siblings, and parents.
Opening a primary Member Savings account with as little as $5 and follow a few simple steps to become a member. Once you join Bellco FCU, you are entitled to remain a member for life, even if you move away from Berks County.
Experience the difference between credit unions and banks at Bellco FCU. You’ll be amazed at our low fees, high rates and rewards, and efficient, friendly service that only a credit union can provide.