Bellco Provides Access to Affordable Financial Products and Strives to Meet the Needs of Community
Greenwood Village, Colo. – Oct. 20, 2022 – Bellco Credit Union will join over 56,000 credit unions around the world to celebrate International Credit Union (ICU) Day®. The theme of ICU Day 2022 is “Empower Your Financial Future with a Credit Union.”
ICU Day highlights the many ways that credit unions all over the world help members improve their financial health and well-being. Credit unions have a lot in common with banks, but there are significant differences too. Unlike banks, credit unions are not-for-profit financial institutions that are owned by their members, which gives them some advantages over banks.
Credit unions were built on the principle of “people helping people.” This philosophy has been in action for more than 100 years, with credit unions providing access to affordable financial products and striving to meet the needs of underserved communities, including:
- Lower borrowing rates and higher deposit yields. Credit union profits go back to members, which enables credit unions to offer lower interest rates on loans and pay higher yields on deposit products, such as share certificates (or CDs).
- Lower fees. Credit unions are exempt from federal income taxes. As a result, they tend to charge lower fees, and have fewer of them, on checking accounts and other products.
- Variety of products. Large credit unions generally have product lineups that rival larger banks, including checking accounts, savings accounts, money market accounts, share certificates, mortgages, auto loans, student loans, and credit cards.
- Insured deposits. If a credit union is a member of the National Credit Union Administration, members’ deposits are federally insured by the NCUA’s Share Insurance Fund.
- More personal service. Most credit unions are usually local or regional, which means the service tends to be more personal.
- Educational resources. Many credit unions focus on financial literacy, so it’s common for them to offer seminars, articles, calculators, and other tools to help their members sharpen their money skills.
Bellco is honored to be a part of this proud tradition and invites its members to visit their local Bellco branch to celebrate with treats and giveaways while supplies last. Bellco will share event highlights on social media using #ICUDay. [BJ1]
International Credit Union Day® is brought to you by Credit Union National Association and World Council of Credit Unions. This year’s event is proudly sponsored by Zogo. Learn more at cuna.org/icuday.
Bellco is one of Colorado’s largest financial institutions, with more than $6 billion in assets and 28 branches in Colorado. Founded in 1936, Bellco offers a full range of financial products and services including home equity loans, auto loans and checking accounts. Today, Bellco has more than 350,000 members who benefit from the advantages of a credit union, including lower interest rates on loans, higher yields on savings and access to thousands of ATMs nationwide. Connect with Bellco on Facebook and Twitter. Bellco is federally insured by NCUA and is an Equal Housing Opportunity Lender.