Credit unions serve local communities and are known for having satisfied members. But the difference between a credit union and a bank is not always clear. Financial experts tout the benefits of both banks and unions, claiming they each have pros and cons.
Credit unions focus on local membership, according to the Daily Camera, and convenience within a certain location. Check processing and account management is made easier in certain towns with credit unions. But bigger banks are also known for their convenience and ease. Credit unions, however, have less fees and lower interest rates, plus their community approach ensures quality customer service, according to Business Insider.
There are a variety of factors to take into account for Americans as they chose where to have their finances managed. Both financial institutions can benefit from offering convenient services such as a self-service coin machine and money counters. People are looking to save as much money as they can and be conservative with their funds, meaning the institutions that allow consumers do so without hassle will probably win.
Business Insider reported that credit unions can keep up with bigger banks and offer a more personal experience. Unions can offer that closer connection as well as ample loan and financing options for members.
August 28, 2013