Pros and Cons of Using a Credit Union With Aaron Caid

Faith & Finance

Do you use a credit union? Or have you never considered using one?

Credit union members know their advantages, and 120 million nationwide can’t be wrong. Aaron Caid joins us today to discuss the pros and cons of credit unions (and spoiler alert: there aren’t many cons).

Aaron Caid is the Chief Marketing Officer at Christian Community Credit Union, an underwriter of Faith & Finance.

What are the “pros” of joining a typical credit union?

Credit unions are member-owned cooperatives. Members are customers and stakeholders governed by a volunteer board selected from the member base. They also have voting rights on credit union policies which help their decisions reflect the members' needs.

They exist to serve members, as opposed to banks which exist to maximize profits for shareholders. Credit Unions return earnings to members through better rates and lower fees.

Are Credit Unions as safe as banks?

They are! Many credit unions are federally insured by the NCUA (National Credit Union Administration), which covers up to $250,000 per member.

Christian Community Credit Union is privately insured by American Share Insurance (ASI). Every member account is insured up to $250,000; no account holder has ever lost a dime with ASI.

Can Credit Unions really compete with banks?

Of course! Because credit union profits go back to members in the form of better rates and lower fees, credit unions offer higher yields on deposits like savings products, CDs, and savings accounts, as well as lower rates on loans (including mortgages) and lower fees overall.

What about branches?

Many credit unions are part of the co-op shared branch network, and Christian Community Credit Union is one of them. This network gives members access to over 5,600 shared branches nationwide, so there's likely one in your neighborhood.

It provides access to 30,000 surcharge-free ATMs and broader coverage than all the big banks.

What makes Christian Community Credit Union different?

What distinguishes Christian Community Credit Union from others is their common bond in Christianity. Their members are unified in their faith and devotion to Jesus Christ as Lord and Savior. CCCU is unapologetically Christian, invests in biblical causes, and makes decisions driven by Scripture.

Additionally, CCCU is led by devoted Christians and uses member deposits to provide affordable financing and biblical banking solutions for churches, ministries, and thousands of other Christians across the US.

Are there any cons?

There is only one con to joining a credit union, which wouldn’t even be considered a negative for many people. You have to become a member to benefit from its advantages.

The only membership eligibility requirement for Christian Community Credit Union is that a person needs to be Christian and agree to their statement of faith in the membership application. If someone is a Christ follower in the United States and agrees to the statement of faith, they are eligible to be a member.

Where can we get more information about Christian Community Credit Union?

• JoinChristianCommunity.com

On Today’s Program, Rob Answers Listener Questions:

• I'm 33, and I feel like I’m financially handling everything the way I’m supposed to–I saved my money, had a 401k a couple of years ago, my stepdad is an accountant who taught me how to budget, and I'm studying accounting now in finance classes. I quit my nighttime job, which paid well, to gain experience in a daytime accounting position. After budgeting my money with bills, I barely break even to cover my bills. What can I do? I've cut my spending, have no debt, no credit card, and my car is used and paid off. It's just bills. I use coupons and don't know what else I can do to survive or even have an emergency fund.
• I'm 69 years old and living alone. I have about $100,000 in a liquid savings account that I know I need to do something with. I'm collecting Social Security and do not want to stop working. What can I do with this money so the government won't take it from me if I ever get sick? I don't have Medicaid; I just have a Medicare Advantage plan.
• I took out a long-term health insurance policy several years ago with John Hancock, which has recently increased to $29,147 in paid-up policy value. When I purchased it, the premium was $300 per quarter, and I remember the agent saying it hadn't gone up in years. It has increased to $388 per quarter in the past few years. I just got a notice stating that as of July 1st, it is going up to $480 per quarter. And that's not even the worst of it–in 2025, it will go up to $593 per quarter, and in 2026 it will go up to $734 per quarter. They are legally allowed to do this, but they are putting people in a position where it doesn't make sense to keep paying such high premiums at my age. I either have to drop the policy or risk going broke paying the premiums. My son said I don't even have an option to sell this policy. I'd like your advice on what I should do in this situation.

Resources Mentioned:

• Christian Community Credit Union
• Rich Toward God: A Study on the Parable of the Rich Fool
• Find a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)
• FaithFi App

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