Westmark Credit Union
We are a full-service financial institution, owned by our members & committed to the development of their financial future. We have 12 convenient locations.

Answering Your Questions About Joining a Credit Union

Credit unions offer an alternative to traditional banks for people who want to manage their finances with affordable accounts at an institution geared towards helping them each their goals. Could a credit union be the right choice for you? Here are the answers to some of the common questions people have about credit union membership.

How is a credit union different from a bank?

The ownership structure is the main difference between credit unions and banks. Credit unions are nonprofit organizations that are owned by the members. They don’t have a board of directors to answer to or that shapes the decisions the organizations makes about financial products. Banks are for-profit institutions who are obligated to generate earnings for investors and board members.

What are the advantages of joining a credit union?

In most cases, credit unions can offer better rates on accounts than banks. They can offer lower fees for checking accounts, better interest rates on savings accounts, and lower interest rates on loans. They also have more leeway when it comes to loans because they can take a more holistic look at a member’s financial situation when evaluating credit applications than banks, which must stick to an approval formula. Credit unions can offer these advantages because of their nonprofit, member-owned structure. Any profit that is generated by a credit union is reinvested in services for members, so they can afford to offer more attractive rates.

Is it hard to become a credit union member?

Most people are eligible to join at least one credit union. Membership criteria vary and can include things like place or type of employment and residency. If you meet the membership requirements, transferring your accounts from a bank to a credit union is an easy process.

If you’re interested in joining a credit union in Idaho, contact Westmark Credit Union to learn more about membership. One of our helpful team members will be pleased to offer advice when you call (208) 523-1071.

Categories: Credit Union

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2520 Channing Way
Idaho Falls, ID 83404

Hours of Operation:

  • Closed Sunday
  • 9:30 AM to 5:00 PM Monday
  • 9:30 AM to 5:00 PM Tuesday
  • 9:30 AM to 5:00 PM Wednesday
  • 9:30 AM to 5:00 PM Thursday
  • 9:30 AM to 6:00 PM Friday
  • 9:00 AM to 1:00 PM Saturday