Members of the building and construction professions are served by the Building Trades Credit Union (BTCU), a financial cooperative that operates without making a profit and offers a variety of financial services to its customers. BTCU is one of the largest credit unions in Minnesota, with over 21,000 members and over $500 million in assets. It was established in 1930, and since then it has expanded to become one of the largest in the state.
Membership
Individuals who work or have worked in the building and construction trades business, such as plumbers, electricians, carpenters, and contractors, are eligible to become members of BTCU. Membership in BTCU is not limited to those individuals. Existing BTCU members’ immediate family members are also qualified to join the credit union as members.
Services
BTCU provides its customers with a comprehensive selection of banking products and services, such as savings accounts, checking accounts, loans, and credit cards. The following are some of the most prevalent types of services:
Accounts for Savings BTCU provides its members with access to a wide range of savings accounts, such as traditional savings accounts, money market accounts, and certificate accounts. The interest rate on regular savings accounts is among the highest available, and there are neither monthly fees nor requirements regarding the account’s minimal balance.
Addresses That Can Be Checked
Basic Checking and Extra Checking are the two varieties of checking accounts that can be held with BTCU. There are no monthly maintenance costs associated with the Basic Checking account, and there are no minimum balance requirements either. The Plus Checking account, on the other hand, provides additional benefits such as higher interest rates on savings accounts and discounts on loans.
Loans BTCU is able to assist its members with a wide range of loan options, including house equity loans, personal loans, and auto loans. In order to satisfy the requirements of its members, the credit union provides loans with flexible repayment periods and interest rates that are among the most competitive in the industry.
Cards for Payment
Visa Platinum and Visa Platinum Rewards are the two varieties of credit cards that can be obtained from BTCU. The Visa Platinum card doesn’t charge a yearly fee and has a competitive interest rate, while the Visa Platinum Rewards card gives you points for every dollar you spend on purchases.
Advantages of Holding Affiliation
There are many advantages to being a student of BTCU, including the following:
Offers of Competitive Prices
The interest rates that are offered on savings accounts, loans, and credit cards by BTCU are among the most competitive in the industry. Because of this, members are able to increase the interest they make on their savings and reduce the interest they pay on their loans and credit card balances.
Reduced Costs
When compared to many conventional banks, BTCU’s fees are significantly lower; for example, there are no monthly fees associated with checking accounts and no fees charged for using ATMs.
Instruction in Financial Matters
BTCU provides members with access to a variety of resources for financial instruction, with the goal of assisting members in making financially informed decisions. Online courses, financial calculators, and one-on-one consultations with financial advisers are some of the resources that are available.
Member-Owned
BTCU is a member-owned financial institution, which means that earnings are returned to members in the form of reduced fees, higher interest rates, and improved service. Since BTCU is a credit union, members have ownership in the company.
Participation in the Neighborhood
BTCU is active in the community by providing financial assistance to non-profit organizations and providing sponsorship for local activities. This exemplifies the credit union’s dedication to the local community as well as the building and construction trades business.
Conclusion
The Building Trades Credit Union is a cooperative financial organization that operates on a not-for-profit basis and offers a wide variety of financial services to individuals who are employed in the building and construction professions. BTCU is a well-liked option for people working in this sector due to its affordable rates and fees, as well as its emphasis on the education of its members and participation in the local community. If you work in the building and construction trades or have family members who do, BTCU is an option for your banking requirements that you should take into consideration.