What is a credit union?
Answer:
The actually differences are few. Google "difference credit union bank"
I used banks for around 10 years. The past 10 years, I have "banked" at a credit union.
Credit unions exist to benefit members of a community, certain professionals,etc. They have membership criteria. They are not-for-profit. Any member has an equal voice. They work to improve the finances of the members.
Banks offer their services regardless of affliation to any certain group. You are a customer, not a member. They are for profit. They work to improve the finances of their stockholders.
Blah, blah, blah.
Bottom line for me. Customer services is a bizillion (yeah, that's a word!) times better at my CU. My recently obtained home refinance was painless. They post credits quickly, they post debits quickly, transfers between accounts are posted instantly. They greet me by name.
OK, so I don't like what they offer on rates for CD's. I can get those anywhere.
C.U.'s are a great way to build credit.
U can get loans easier and build credit.
My own dad used CU's to build credit to buy/sell houses.
To most of us, a credit union is just like a bank. Typically credit unions have better loan rates than banks. The negative is that banks often have branches and ATMs all over the city while a credit union might only have a branch or two.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: