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
This entry was posted on Monday, January 26th, 2009 at 6:30 am and is filed under Banks and Banking. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
