A credit union is a member-owned financial cooperative built on the concept of “People Helping People.” As a not-for-profit, any earnings are returned back to its members, usually in the form of lower loan rates, higher deposit rates, and fewer fees.

Credit unions are highly focused on their community. Membership is typically limited, either by location or by employer groups (SEGs).

Credit Union Vs. Bank

On the surface, credit unions and banks are very similar. They are both financial institutions where you can keep your money safe and accessible in deposit accounts, take out loans for various needs, and easily manage your money online. However, there are several key differences that set credit unions apart from banks.

In addition to these basic differences, credit unions like us are more likely to serve people who have less-than-perfect credit scores and financial records. When you bank with a credit union, you bank with people who care about you and strive to uplift the financial health of the community. We’re not here to take your money – we’re here to set you on a path toward financial strength.

The Perks of Membership

You join a credit union and become a member by opening a share savings account. This account represents your “share” of the credit union, and every member owns an equal share regardless of how much you have on deposit.

As mentioned above, credit unions’ not-for-profit status keeps rates and fees competitive. This means that when you’re on the hunt for a great deal, be sure to check out your local credit union for personal loans, checking and savings accounts, credit cards and more.

Basic credit union membership benefits don’t stop there. Many credit unions, including Wave FCU, offer a range of resources and perks that many banks do not. This includes, but is not limited to…

• Insurance discounts. When you need life insurance, auto insurance, property insurance, or accidental death & dismemberment insurance, Wave FCU offers discounts through our partnership with TruStage®.
• Financial resources. We offer a free finance calculator to help you estimate your loan payments, as well as a security center with top tips to keep your information safe.
• College scholarships. Every year, Wave FCU offers scholarships to high school seniors aspiring to attend college. It’s just one of the many ways we work to uplift our community.
• Free car-shopping tools. Searching for a new car is enough of a hassle. We help make it easy with AutoSMART Car Search – plus, we list any local repossessed vehicles available, too!
• And more exclusive savings. Wave FCU is partnered with Love My Credit Union® to bring you a wide variety of deals just for our members.

Wave FCU, like many credit unions, also offers thousands of surcharge-free ATMs all over the country – more than any bank. How is this possible? Wave FCU is part of multiple shared ATM networks, which allows you to use specially marked ATMs as though they were our own.

Wave FCU is a part of three networks: SUM® ATMs, available throughout New England; MoneyPass® ATMs; and CO-OP® ATMs inside many shopping locations like 7-Elevent, Costco, Publix and regional convenience stores. Keep a look out for their respective symbols and never pay a surcharge on an ATM again!

Not Just a Place to Bank…

We’re a community-focused credit union. That means, in other words, we’re a part of the community just like you. Our staff is made up of your friends and neighbors, and we care deeply about boosting the local economy and supporting our local businesses and organizations.

Of course, actions speak louder than words. We show our commitment through a variety of fundraisers and sponsorships for local events and organizations year-round.

Ways we are active in the community include:

• Paws in the Park. Over the past few years, we’ve proudly sponsored Paws in the Park as well as hosted other fundraisers throughout the year to support the Rhode Island SPCA.
• Special Olympics of Rhode Island. We are proud to regularly fundraise for the Special Olympics of Rhode Island. Our employees also regularly volunteer to help the Special Olympics games run smoothly.
• CU4Reality™. We’re helping bring more financial literacy to our local high schools with our learning opportunities and CU4Reality fair at the end of the school semester. In this way, we help prepare our students for adult life with smart money management skills.
• Plus so much more!

As a credit union, we wouldn’t be here without our members and our local community. Whether it’s through great rates, event sponsorships or volunteering, giving back just makes sense.

Switching to a Credit Union

Now that you’ve seen many of the key benefits of joining a local credit union, it's time to make the switch!

As mentioned above, one of the key differences between credit unions and banks is who can open an account. When searching for the best credit union near you, Wave Federal Credit Union has a strong community presence and is one of the best credit unions in Rhode Island!

As a community credit union, you can become a member of Wave FCU if you live, work, attend school or worship in the state of Rhode Island or in Bristol County, Massachusetts. Then, once you’re a member, you’re a member for life – even if you move away or change jobs!

It’s easy to switch to a credit union like Wave FCU. You can get started online by heading to our Become a Member page and sending us your information. From there, we’ll walk you through the steps for switching to a credit union from your bank.

Once you’re a member, you can start enjoying the low-to-no fees, the higher deposit rates, the lower loan rates and numerous other benefits. All it costs is an initial $5 deposit into your new Share Savings Account!