Credit unions are renowned for offering an array of benefits over traditional banks, one of the most notable being lower fees. Unlike banks, credit unions operate as not-for-profit entities, owned by their members. This fundamental difference in structure means that credit unions prioritize serving their members' interests rather than maximizing profits. This translates to lower fees for services and potentially higher earnings on deposits for members. In contrast, banks often have higher fee structures designed to generate revenue. Understanding this distinction illuminates why credit unions are often preferred over banks.
Are Credit Unions Not-for-Profit Organizations?
Tuesday, March 19, 2024
In the vast landscape of financial institutions, credit unions stand out as community-centric alternatives to traditional banks. Owned and operated by their members, these financial cooperatives prioritize serving the financial needs of their communities over maximizing profits. If you're curious about what sets credit unions apart from conventional banks and why they might be worth considering for your financial needs, you're in the right place.
Dear Valued Members,
As we step into the New Year, I want to take a moment to express my deepest gratitude for your continued trust and loyalty to Logix Federal Credit Union. Your support has been the cornerstone of our success, and it's my pleasure to share with you some highlights from the past year and what’s ahead for 2024.
Logix Donates $60,000 to Local Charities With Paying With a Purpose Campaign
Friday, December 29, 2023
Logix Federal Credit Union announced today the conclusion of its latest Paying with a Purpose: Curtain Up for Kindness Campaign, having raised $60,000 to benefit six local nonprofits.
Logix is celebrating the impact of performing arts in our communities and donated $10,000 to the New West Symphony, Simi Valley Cultural Arts Foundation, Garry Marshall Theatre, Olive Branch Theatricals, San Fernando Valley Youth Chorus, and The Unusual Suspects this week.
The NCUA vs FDIC: Know Your Deposit Insurance Options
Friday, December 22, 2023
For those navigating the financial landscape in the United States, the assurance of deposit safety stands as a cornerstone of financial security. This critical assurance is largely provided by two key federal entities: the National Credit Union Administration (NCUA) and the Federal Deposit Insurance Corporation (FDIC). These entities play a pivotal role in ensuring the safety of depositors' funds, but they cater to different sectors within the financial ecosystem.
Before we delve into the specifics of NCUA and FDIC insurance, let’s address the primary question: What sets these two organizations apart in the realm of deposit insurance and how do they relate to broader financial concepts and practices? Understanding this distinction is not just about recognizing the difference in coverage. It’s about appreciating how each contributes to the stability and resilience of the financial landscape, ensuring that depositors can confidently engage with their chosen financial institutions, whether they are banks or credit unions.
