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
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.
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!
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.
by chan0512 6 years ago
What do you prefer to use Credit Union or Bank?I have done some research and it seems CU has less fees. What do you think?
by Stacie L 7 years ago
650,000 Americans Joined Credit Unions Last Month -- More Than In All Of 2010 CombinedOne of the tactics the 99 Percenters are using to take back the country from the 1 percent is to move their money from big banks to credit unions, community banks, and other smaller financial unions that aren’t...
by Stacie L 7 years ago
Hate your bank? Saturday is 'Bank Transfer Day'Big banks may have scrapped plans to charge fees for debit card use, but many customers are still angry and taking their money elsewhere.By MSN Money partner on Fri, Nov 4, 2011 1:42 PM MarketWatch on MSN MoneyIf you've been thinking about firing...
by Daniel Carter 9 years ago
I noted on the news last night that congress is trying to control bank interest rate hikes, and other predatory practices, at the same time that banks are countering such moves as quickly as they can with sudden new hidden an announced fees. So the madness continues. I've been trying to refi my...
by American_Choices 6 years ago
Mortgage through a credit union or a bank?What are the pros and cons? Have you considered or shopped a mortgage at your local credit union? Are you a member of a credit union yet choose a bank for your home mortgage? Why or why not?
by Perfectly Imperfe 6 years ago
What option other than a bank do you recommend? Credit Union? Anything else?
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