Choosing a Credit Union Over a Bank

Some people swear by credit unions, and here are some reasons why a credit union might beat a regular bank:

• A credit union usually offers lower interest rates on borrowings, and better interest rates on deposits
• You have a better chance of getting a personal loan at a credit union than at a bank
• Credit unions usually charge lower fees than regular banks
• You’ll get more attention and better service at a credit union because they have a lot fewer customers
• Credit unions are less focused on profits than banks - they are trying to serve their members rather than make huge profits
• And they are still covered by NCUA insurance so there’s no extra risk involved
• If you need to solve a problem, you’ll probably do it face to face or at least over the phone with an employee who is physically at the credit union you bank at - rather than being routed to a call center miles away to a faceless operator
• You are able to get involved with the running of your credit union if you are interested - the board of directors of a credit union are mostly ordinary members just like you who have decided they want to have a say in how it runs