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Deciding Between a Bank and a Credit Union

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  • Deciding Between a Bank and a Credit Union

    Sometimes it becomes a little difficult making the choice between choosing a bank or a credit union, but this is one of the most important choice that you need to make. Why this becomes difficult is that both the credit unions and the banks provide the same facilities but then you need to weigh the pros and cons of both these to make sure that you choose the correct plan for yourself. A credit union can also provide you with services like savings accounts, checking accounts and loans and there are many more facilities that they provide, hence it becomes really important that you choose correctly and wisely.

    It becomes important to choose because even though the services are the same, the services differ from each other and are not equal. Let us first discuss the advantages you will have if you choose a bank. One of the main advantage is that banks allow you to open an account with them regardless of where you live, what your work status is and which school you attend. You can definitely open a savings account in a bank without any fuss whatsoever and banks encourage this and there are usually no fees associated with joining these banks. Another important thing is that the banks are insured, so the money you keep with them is safe and you can have some peace of mind and be assured.

    Another good thing about banks is that they are more widespread and have more branches so it makes doing dealings more easy. This being said, banks try and earn their fees by the loans and the money they lend out to people so the rates of interest are usually much higher. They try and earn a profit from the money that you put through. Also the savings accounts have much lower interest rates in banks.

    Credit Unions nowadays have become more open to the people they allow to open an account with them. It has become much easier to open an account with them. You have started getting more rights based on who is your employer and there are times when you just need to provide your employment details and they make the most of it. You can also join now having some or the other reference from a family member or then a relative, this will help you get in. In fact now you can join a credit union and take its advantages just by paying a small membership fee.

    Credit unions focus on providing quality services to its members and this is one difference between them and banks. Hence they always generally have higher interest rates where savings accounts are considered and they provide much lower rates on interest where credit cards are considered, so this is a very good thing where they are considered. For loans and deposits and fixed deposits, their rates a really good and worth looking at while making your choice. As they are non profit organizations, if they make any more money that what they had in mind they will make sure that the profits are shared with the members of the credit union, which is a very good thing.

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