Have you ever thought about offering your employees additional benefits – such as a credit union membership? Credit unions are member-owned not for profit financial cooperatives, differing from banks in that they are democratically controlled by their members, and exist to serve their members- not make a profit! Earnings are returned to members in the form of lower loan rates, higher interest on deposits, and lower fees.
Offering credit union membership to your employees may not be possible without the help of a PEO though. Many credit union memberships depend on belonging to certain communities, such as a workplace or region. Because a PEO operates through a co-employment arrangement with numerous companies, the PEO may actually employ enough people to be considered for credit union membership or even have a credit union of their own.
Many PEOs offer access to credit union memberships in addition to other special perks such as exclusive employee discounts and reduced rates on travel, entertainment and services. The benefits of working with a PEO certainly do not end after saving time and money- the perks continue!
Benefits of a Credit Union:
- On average, credit unions offer lower rates on loans and higher rates on savings accounts—just what your employees want!
- Credit Unions provide a diverse array of services – many include free ATM use, loans, and interest-bearing savings accounts, checking, and electronic banking.
- Credit unions pride themselves on helping members make better financial decisions. Many offer seminars and information on various topics such as managing debt.
- Credit Union members are protected through the NCUA insurance. NCUA states that if a federally insured credit union fails, members receive
payments for their deposits.
- Credit unions have long-standing reputations for allowing members’ spouses, siblings, and children join.
Like what you’ve read so far? Why not pass along these awesome benefits to your employees? It’s simple: if you are currently working with a PEO, just ask them about their credit union offerings! If your current PEO does not offer credit union benefits, or you’re currently interested in finding a PEO with credit union benefits, contact us today. PEO Advantage has helped countless business owners source the perfect PEO and credit union benefits for their employees.