Recently, I had a conversation with someone discussing the difference between Banks and Credit Unions. It did not surprise me that this person wasn't familiar with Credit Unions. I think most people (or at least most people I know) have their money in Banks. But I do feel as if some people just do not know not only the difference between a Bank and a Credit Union but also the services they provide.
I can speak from some personal experience in dealing with Credit Unions. When I was on the market for a car loan, I shopped around for a low interest rate (of course) and the lowest one was from a Credit Union. I will also say that the service provided to me from the Credit Union was more "personal" than from a Bank. (Every time I go into a Bank, I just do not feel like a)a valued customer and b)that they have my best intentions in mind...this is just me though. I think this is why I do most of my banking online).
Do I go to Credit Unions for everything? No. I still hold a checking/savings account/credit card from a Bank. And of which I cannot complain about the service that they provide for my checking/savings/credit card accounts.
But I would recommend to anyone to not only look at what deals/rates the Bank will offer you but also a Credit Union when looking for additional financing and savings avenues.
It is your money after all.
So here's some additional knowledge for you on the difference between Banks and Credit Unions:
The Difference between Banks and Credit Unions ( a cartoon!)
-Part 1
-Part 2
-Part 3
Additional links:
- Ditch your Bank for a Credit Union
- Banks v. Credit Unions
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