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Why a Credit union Bank is Better than Your present Financial Institution

Chances are that you have heard about a credit union lender in your area, but you never really understood what are the whole credit union factor was all about. How’s a credit union a lot better than a bank? Why would I want to depart my current lender for a type of support that Ive never used before? What, if virtually any, are the pros and cons of utilizing a credit union rather than my current bank? These are all questions that individuals likely ask ourselves when attemping to figure out where the number 1 place is to put the money. Luckily enough, they may be very easy to answer.

Prior to we talk from the pros and cons of a credit union bank in respect to regular, commercial financial institution, we have to know what a credit union actually is. Fundamentally a credit union is like a bank that is made for a group of people who all meet the same criteria. They could all reside in the same area, end up being alumni from the same college, and so on and so forth. The main thing is that a credit union is like a non-profit cooperative for many who all share some thing in common.

Because a credit union is driven simply by its members, it provides a variety of key advantages over commercial financial institutions. The first, and most obvious, is that credit unions usually have suprisingly low rates on loan because they’re essentially a non-profit business. This also translates to increased interest rates for its clients because the credit union is not trying to make millions for the investors. Also, the particular member-centric atmosphere of most of the credit union bank services have lead many people to join for your sole reason that credit unions treat their customers much better than industrial banks do.

Comments: 51

  1. Tiffanie February 21, 2013 at 2:12 pm Reply

    Can I get a debit card from the Credit Union(My bank) and buy a computer from Best Buy online? I was thinking about getting a debit card from Mastercard or something, but I thought it might be easier to just do it through my bank. And would it look good on my credit?

  2. Adrian March 15, 2013 at 10:39 am Reply

    What is the difference between opening an account at a credit union and opening an account at a regular bank. Also if I have an overdran account at one bank and try to open another account at a credit union will I be able to?

  3. Sherrill March 15, 2013 at 10:40 am Reply

    I need to find a new bank in Nevada and looked at Nevada Federal Credit Union, I usually bank with credit unions but theirs charges you $5 a month or 12 mandatory debit card transactions.
    Then Nevada State Bank is free.

  4. Alaine March 23, 2013 at 9:57 am Reply

    I have a checking and savings with a credit union that my mom set up for me when I was a child but now am looking to get a joint checking account. Should I go with a credit union or bank?

  5. Rosy April 11, 2013 at 1:25 am Reply

    What is the difference between a Credit Union, Bank, and Finance Company? I think a Finance company charges higher interest but I’m not sure.

  6. Elizebeth May 9, 2013 at 12:11 am Reply

    When u go to rtc and they set up ur bank account why should you choose navy credit union over previous bank? What are the benefits ?

  7. Nicolas July 21, 2013 at 11:46 am Reply

    I going to close my savings accout at my credit union bank. I don’t want to do business with them anymore however they have held 50.00 dollars of my money when I first opened it. When I go to close it will they give me the 50.00 dollars immediately or will I have to wait for a certain period?

  8. Irwin August 6, 2013 at 12:12 am Reply

    Is a credit union better than a regular bank? I would like to know the advantages and disadvantages. I have heard that a credit uinon is better but I don’t see how? If it is better should I go ahead and open an account as well keep my other regular bank account open?

  9. Scarlett August 16, 2013 at 8:50 pm Reply

    I am 19 years old and started building my credit more than 6 months ago. I want to know the best way to obtain a loan. Is it through a credit union, bank or web site?

  10. Yessenia August 23, 2013 at 11:53 pm Reply

    Do any of you like credit unions better than banks?? Thanks

  11. Stacey September 13, 2013 at 2:41 am Reply

    I have no clue what credit union bank is like. What are the names of credit union bank? What is the difference between opening a CD or making a deposit with credit union than opening CD with a bank like Chase?

  12. Trista October 24, 2013 at 5:32 am Reply

    my brother opened a saving and checking account in credit union instead of the bank. he said its the same thing, and makes no difference. he is wrong to say that its same thing, right? also credit union has very low assets compared to bank, so bank is better to open account in? i’m still not quite sure what the difference is.

  13. Kristopher November 5, 2013 at 5:45 am Reply

    one with free checking and possibly free savings, i know longer want to do business with big banks like wells fargo or chase, or bank of america. what are your experiences with smaller credit unions or banks, are they really better than the big corporate ones?

  14. Taylor November 5, 2013 at 2:51 pm Reply

    I thought a credit union was a type of bank to serve a particular subset of people. What is the difference?

  15. Alfred November 10, 2013 at 8:57 am Reply

    What are the advatges and disavantage and beniffites of both?

    The only thing that is that my bank “BB*T” is extreamly close to my house like walking distance but my credit union wich I am thinking of joining “Fairfax Credit Union” is about 10-15 miniutes from my house so what would you advice me to do? Stay with my bank or move to the credit union or keep my bank and just open a new account with my credit union? Like what are the advatges over a credit union then a bank?

  16. Omer November 19, 2013 at 5:22 pm Reply

    How does a credit Union work and how do they DIFFER from Banks??

    Are they Benneficial in anyway??

    What are the Pros/Cons of a Credit Union or a Bank??

    I always thought Credit Unions were just a cheasy form of a small bank.

  17. Collen December 23, 2013 at 3:30 am Reply

    I cant seem to find any reviews i was wondering if anyone knew which credit union banks are good to work at??

  18. Alva December 23, 2013 at 3:54 am Reply

    I am in need of finding a possible solution. I am needing to send some money to a friend of mine. Although, we do not have the same bank. I am wondering if I can transfer money from a credit union to another bank/credit union? I am not wanting take money out and sending it to them through the mail because that just scares me to death and we do not live in the same state.

  19. Janean December 27, 2013 at 1:25 pm Reply

    I’m 18 years old and I work full-time. I have about $1,960 and was wondering where should I put it bank or credit union?

    BQ: What bank(s) would you recommend? What bank(s) would you NOT recommend? Why?

  20. Dino January 14, 2014 at 6:15 am Reply

    I’m 18 years old and I work full-time. I have about $1,960 and was wondering where should I put it bank or credit union?

    BQ: What bank(s) would you recommend? What bank(s) would you NOT recommend? Why?

  21. Bettina February 2, 2014 at 10:03 am Reply

    I go to a credit union but I really don’t get why it’s called that. What’s the difference?

  22. Johnette February 2, 2014 at 12:55 pm Reply

    With all the fuss over people switching to CUs, I’m not sure what they’re all about? What is the advantage of CU over a bank? Disadvantages?

  23. Jere February 14, 2014 at 8:10 am Reply

    Can I please have an unbaised answer on which is better and what the difference is. I have literally never heard anyone say 1 bad thing about a credit union but if they’re so good, why doesn’t everyone open an account with a credit union and close their bank accounts??

  24. Jacquline February 21, 2014 at 11:01 pm Reply

    I Bank with Chase but I’ve been thinking of moving my business to a Credit Union; what are the differences?

  25. Miss February 21, 2014 at 11:02 pm Reply

    What are the benefits of banking with a credit union? Should I switch from my bank to a credit union?

  26. Danna February 21, 2014 at 11:33 pm Reply

    I’ve been hearing a lot about the benefits of Credit Unions lately, and how they propose better interest rates etc. as compared to a bank because they are not for profit. If that was the case than why are banks still very popular and better known than credit unions? Do Banks hold any advantage over a Credit Union?

  27. Towanda February 21, 2014 at 11:34 pm Reply

    I know CUs offer higher rates, but is that the only advantage? How is a bank better?

  28. Pricilla February 21, 2014 at 11:48 pm Reply

    Is a credit union better than a regular bank? I would like to know the advantages and disadvantages. I have heard that a credit uinon is better but I don’t see how? If it is better should I go ahead and open an account as well keep my other regular bank account open?

  29. Yoshie February 21, 2014 at 11:51 pm Reply

    i forgot to do this short essay ands its do tomarrow morning, basicly whats the difference between a bank and a credit union. please just give me like 3 paragraphs and ill be good. thanks.

  30. Brady February 21, 2014 at 11:51 pm Reply

    i was recently injured on the job and my car was stolen the next day. im a delivery driver and i need a car so i was going to use my income as a down payment only thing is EVERYONE keeps telling me that in house financing’s interest will be out the roof so what’s so different about a credit union? i was told to try one. my credit is kinda shaky and im looking to build it up.

  31. Maria February 22, 2014 at 1:13 am Reply

    How credit unions differ from bank in terms of operation,service offered and features?

  32. Latosha February 22, 2014 at 1:23 am Reply

    Whats better a Credit Union or a Bank. Banks are starting to add more charges to their clients. But Credit Unions are small community banks.

  33. Bee February 22, 2014 at 4:32 am Reply

    Lets say Golden 1 vs. Schools credit union
    Well since i obviously didn’t know Golden 1 was a credit union i’ll just say bank in general.

    You just gave me the impression you don’t know the answer either dumbas*

  34. Loni February 22, 2014 at 4:35 am Reply

    I don’t use a bank, I use a credit union and I am wondering if anyone knows if credit unions face the same dilema that banks are at the moment? I know credit unions are member owned but they are also insured by the FDIC.

    I am not sure where the problems are coming from and I am not sure how it affects member owned credit unions.

    Any help?

  35. Daren February 22, 2014 at 5:03 am Reply

    Is it smarter to have an account with a credit union or just an average bank? What is the difference between the two?

  36. Robert February 25, 2014 at 11:08 am Reply

    I’m going to be a freshman at college this year, and now I’m finally getting to choose a banking situation for myself (separate from my parents), and there’s so many choices! But one of the major differences I’ve noticed is the choice between a Credit Union and your standard bank! What’s the difference? Would one be better for me as a college student than the other? I don’t need to take out college loans right now, but for regular checking and saving needs… Which is better?

  37. Juan February 25, 2014 at 6:34 pm Reply

    I have seen posts that claim this. I have Bank of America and I’m thinking about switching banks because of their unethical conduct.

  38. Rusty March 9, 2014 at 7:11 pm Reply

    I was thinking about joining one but how is a federal credit union different from a bank? Can you open up a savings account in a federal credit union, and can you do so eithout without the banks knowing about it? Does the money you invest into get reported to Social Security? Please let me know. Thank you.

  39. Raymond March 9, 2014 at 7:11 pm Reply

    My coworkers tell me i can get a free account at golden one through my work, but ive always been a member of a bank? Which is better for someone in my situation @ 23 yrs old, making okay income.
    between* sorry for the typos

  40. Rebekah March 14, 2014 at 4:22 am Reply

    I had some issues with a bank account before I was 18, didn’t manage money well. So now I am unable to get an account with Wells Fargo, Bank of America, US Bank or Chase. They say it’s because my Checks System scan denied me… Problem is I am in my mid 20’s and I have not had a bank account since I was 19 and I never had checks before, EVER! But they insist my Checks System scan says I have a bad history. Everything they mention was my issue, so no fraudulent banking in my name.

    How can I convince the bank that I have NEVER written a check in my life and the Checks System scan is wrong?

    My friend told me about Local Credit Unions and how they may get me an account without checking my Checks System Scan. I am looking for answers from people who know about and use(d) local Credit Unions or have had a bank but switched to a Credit Union. What is the difference? Should I try? I have no credit that I am aware of so if they need a good score, well I have no score yet according for free credit score checkers, says it is too low or none existent.

    Bank vs. Local Credit Union? Why and what are some comparatives? Do you think I will be able to get an account easier? I just received my tax return, finally after some issues with the IRS, and would like to cash it. Banks won’t unless I get an account due to the amount, which I cannot. And a Check cashing place charges 22%. For a $4K+ check, that’s a big chunk. I am tired of holding on to cash, I need to put what I have in a savings account and some in a checking to pay bills by debit card, a lot easier.

    Thanks for you help! 😀

  41. Curt March 19, 2014 at 5:25 pm Reply

    I’m hearing more and more about people leaving banks and going to credit unions. What’s the difference and which one is generally better?

  42. Stan March 19, 2014 at 5:25 pm Reply

    i work as a credit union teller,for 7months but want to move up quickly. do i have a better chance of moving up at a credit union or bank?

  43. Kiera March 19, 2014 at 5:25 pm Reply

    I was recently looking into becoming a bank teller and through various searches found that some people suggest going the way of a teller in a credit union rather than a bank. I was just curious to find out what the difference is. Is there more upside to salary one way or the other? Is it easier to get into one or the other? Any information would be greatly appreciated. Also, i’ve had no prior experience as a bank teller but have dealt with cash handling and customer service over the past 4 years. I’m kind of going off of a suggestion made by a friend. Thanks.

    Also, if anyone has any suggestions on which banks and/or credit unions are best to work for id appreciate hearing your experience. I live in the Western Pennsylvania area if that helps with jurisdiction. Thanks again.

  44. Florencio March 19, 2014 at 5:25 pm Reply

    I want more “bang for my buck” when i use a financial institution. am currently have my accounts-basic-savings, (not much in it) ira (ditto) and checking (ditto) and am considering changing institutions-is there any advantage to a credit union?

  45. Kiesha March 19, 2014 at 5:26 pm Reply

    I plan to leave my bank because I am dissatisfied with the impersonal service. Can you give me a list of pros and cons, both personal and financial, between the two?

  46. Cordell April 15, 2014 at 9:27 pm Reply

    Whats the diffence between a bank and a credit union??????????

  47. Bruno May 20, 2014 at 7:58 am Reply

    I am a Sophomore in high school and I am about to get my first job. I am wondering if I should put my money in a credit union or a bank? Also please explain Pros and Cons of both, and interest and what not etc.


  48. Kam June 9, 2014 at 9:23 pm Reply

    I currently have a savings and checking account with Chase. My parents are both members of a Metro Federal Credit Union here in Columbus because my dad is a federal employee. My dad told me his rates are lower and the credit union is a lot less greedy since it is a not-for-profit organization. He also says the rates are a lot less than a regular bank. What do you think? Do any of you have experience with banks and credit unions? Thanks so much!

  49. Brian June 10, 2014 at 6:48 pm Reply

    Aside from different rates, are there any differences in securing an auto loan from banks and credit unions?

  50. Gregg June 10, 2014 at 6:51 pm Reply

    I just recently got a job at kfc, and i was wondering if i should joining keypoint credit union rather than a bank?
    Please tell why or why not.
    Thanks in advance
    I just need a checking and savings account really, nothing over complicated, just a simple checking and savings account.
    Thank you

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