Which are better, banks or credit unions?

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  1. Earl S. Wynn profile image80
    Earl S. Wynnposted 13 years ago

    Which are better, banks or credit unions?

  2. TurtleDog profile image83
    TurtleDogposted 13 years ago

    I have both and I much prefer the credit union. My bank is great because my ATM card works free at more locations but there are so many more perks to a credit union since they are non profit. Interest on loans and mortgages are pretty competitive, plus I saved a lot of money on car insurance because of my credit union.

    Every so often they offer something I didn't even think of like discount auto deals, different insurances etc.  I only needed $20 to open an account but it gets me a lot of benefits

  3. hubba-hubba profile image61
    hubba-hubbaposted 13 years ago

    It depends what you are looking for.  If you are looking for vast amount of options and a strong name to secure all of your money then a bank is your best option.  If you are looking for a community bank that will take the time to get to know you then a credit union is suggested.

  4. Susana S profile image94
    Susana Sposted 13 years ago

    I've been a member of a credit union for about 15 years and I love it. It's the perfect place to get relatively small loans; the loans are very cheap and I'm always saving which is great for me.

    Of course regular banks have their place as some services are just not available through a credit union - I wish they were!

  5. Amanda Severn profile image94
    Amanda Severnposted 13 years ago

    Depends on your motivation. Banks tend to be more interested in profits than Credit Unions. Credit Unions are generally co-operative ventures that serve smaller sections of the community than banks. Any profits generated by a Credit Union are either re-invested in the business, or returned to the account holders in the form of a dividend. By contrast, banks offer a wider and more flexible range of services, but their motivation is always the bottom-line. You need to choose whats best for you, or, alternatively take a pick and mix approach.

 
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