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Which are better, banks or credit unions?

  1. Earl S. Wynn profile image85
    Earl S. Wynnposted 7 years ago

    Which are better, banks or credit unions?

  2. TurtleDog profile image87
    TurtleDogposted 7 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 image62
    hubba-hubbaposted 7 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 image98
    Susana Sposted 7 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 image98
    Amanda Severnposted 7 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.