The Best Financial Institution for Today’s Millennials

Kristina Kraus
Greater Nevada Credit Union
Millennials are classified as anyone born from 1980 through the mid-2000s and are currently the largest generation in the US population. They are independent, have a substantial amount of buying power, and they have grown up with the world (the internet) at their fingertips. Currently, most millennials are about 25 years old which means they have several big financial decisions headed their way — buying their first home, marriage, and getting a new car all while establishing their careers.

Millennials are at that point where they need a reliable financial institution. According to a recent poll by Fast Company of 10,000 millennials however, they can’t stand banks. So where else does one turn? Being a millennial myself and recently needing financial services, I had to make the decision on whom to bank with and after doing my homework I chose a credit union. But what makes credit unions a perfect fit for millennials? 

Credit Unions Are Local

Location is always a top consideration when choosing who to bank with. Whether you’re at home, work, or traveling, people often think that banks are the only solution since they are nationwide. Credit unions although headquartered in a local community, are also apart of shared branching. This means that even if you are in the county or state next door, you can still go into a credit union like it was your own and make deposits and withdrawals.

Also, decisions that affect how credit unions operate are all done in your neighborhood, not some corporate headquarters that is on the other side of the coast. Because credit unions are run and operated locally, it also means that your money will stay within the community. “Being Local” is a large movement that several millennials take to heart, which is why they can appreciate how their money saved at a credit union could help another person in their community with say, a loan.

Not for Profit

What a lot of people, not just millennials, don’t realize is how socially responsible credit unions are. To start, credit unions are not for profit. This means that each member of a credit union is also an owner, regardless of how much money they have in their account. As an owner, you get a say in how your credit union operates and who sits on your Board of Directors.

Being not for profit, credit unions are also able to take any additional revenue generated and in turn offer members better rates and lower fees. They are also highly active in their community. In 2014, GNCU volunteered over 1,500 hours and helped fundraise for organizations such as our local schools, the University of Nevada, Reno, Special Olympics Nevada, Relay for Life, Truckee Meadows Habitat for Humanity, Food for Thought, Nevada Humane Society, The Salvation Army, and the Food Bank of Northern Nevada.

Convenience of Services

A common perception of credit unions is that they are old school and not up to date with technology and functionality. This perception however could not be more wrong. Greater Nevada Credit Union for example offers all the same technological comforts as any bank. We offer our members free online banking, easy and free mobile check deposits, automatic account alerts and more.

Given the chance to contribute to your community’s financial well-being, receive better rates and lower fees with all the comforts of a nationwide banking institution – what’s holding you back?