Small and medium-sized businesses that are office rental Toronto clients are learning the advantages of credit unions. They are seeing banks making record profits and they, the customer, are paying higher banking fees to keep the profits up. Small businesses can not afford to line the pockets of millionaire bank executives and bank shareholders are now looking at not for profit or non-profit banking alternatives that will help them keep their business in the game.
Credit unions are similar to traditional banks in the sense that they both offer financial products to customers, but credit unions are member-focused rather than profit-focused. A credit union is a cooperative, which means it is owned and controlled by its members, as opposed to being owned by its stockholders like a bank. Once an office space Toronto business is granted membership to the credit union and you have made your initial deposit, you are then a part owner and this gives you a vote on how the credit union is run.
Business owners who rent office space Toronto have found that credit unions can offer higher interest rates on savings accounts and term deposits as well as offering lower interest rates on loan products such as small business loans, lines of credit and even credit cards, all because they are not-for-profit or non-profit. As well small businesses cannot afford to be nickel-and-dimed on banking fees that will often take a bite out of the small businesses’ ability to show a profit.
Some of the advantages of credit unions
- Lower Fees
- Higher Interest Rates on savings accounts and term deposits
- Lower Loan and Credit Card Rates
- Customer Focused Banking with Better Service
- More Flexibility
For those who have Toronto office for rent from Telsec, Luminus Financial (formerly Starnews Credit Union) is conveniently located just downstairs on the second floor of the Toronto Star Building and there are almost never big line-ups for the tellers. Even those who are employees of small businesses that that have office rental Toronto with Telsec have become Luminus Financial members. They see the savings on the cost of borrowing and the higher returns they get when they deposit their money.