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Which Is the Best, a Credit Union or Bank?

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  • Which Is the Best, a Credit Union or Bank?

    Are you looking for a loan and do not know where to start? Well, it is good to know that both the credit union and bank can help you secure a loan. However, you need to expect different rules between a credit union and bank.

    The main difference between the two is their state of ownership. To explain, credit unions are non-organizations owned by their customers who are known as members. This means that a credit union usually has many advantages since you will not be demanded to pay the higher bottom line (as a result of user fees, advertising, interest, checking fees, etc.) banks demand to achieve their high profit margins. These are a few reasons why there are so many people choosing to tender loans from unions as compared to banks. However, you need to be careful which union you are approaching since now days some act just like banks. Thus you will be expected to pay higher fees for offered services.

    Before using any union, you should take time to learn more about the specific union and how it works, so as to avoid any unseen surprises. We will go into more detail about service fees later okay?

    Well, of course it is good to know that both the bank and credit union keep your money safe. Though it is important to be sure your union or bank has insurance so as to be assured your money is safe in case of natural disasters, criminal activity fire or some other trauma. Remember, now is not the time to be shy.

    Compare the products (service fees, interest rates and so forth) being offered among the many financial institutions available to you. Many times, the products that banks and credit unions offer are very much alike. The primary difference usually is their rates and interest when you negotiate a loan. Just make sure you choose the one that has what you are really looking for.

    Customer service is an amenity in both the credit union and banks. Customer service is usually very different in both credit union and bank environments. In a credit union, customer service is usually more personalized as the staff know their customers very well. The employees are also fewer compared to the bank. On the other hand, banks usually offer 24/7 customer support despite not knowing their customers personally. Most of the time, they will attend to your problem online or via call centers without necessarily knowing who you are as long as you are a patron of their bank.

    Whether you choose to do business with a credit union or bank to facilitate a loan, you need to undertake enough research (due diligence) carefully before making your informed final decision. It is a great idea to consider having a savings account in both platforms. Make sure you borrow a loan from the one that provides adequate time for paying off the loan and has the most reasonable interest rate. Today, banks and credit unions have so many different services and products to offer and you should make prudent use of them both perhaps to better your life.

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  • #2
    Banks and credit unions can both provide robust financial services. Ultimately, it comes down to the products, services, and fees offered by the individual institution you're looking at.