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In light of all of the crazy things that are happening with the banks, would a credit union be a better solution? I belong to a credit union. I have an emergency saving, holiday club, and credit card with them. I have not used them for my checking account and main saving ac****. Should I consider moving my money to the credit union? What is the difference between a credit union and a bank?
A credit union basically has lower fees than banks and offer better terms on their services... banks may or may not have better interest rates.. otherwise they are very similar... I always go with credit unions...
Remember the savings and loan crisis in the 80's? I don't think that one is better backed than others really as long as you are at or under the insured amount.
Remember the savings and loan crisis in the 80's? I don't think that one is better backed than others really as long as you are at or under the insured amount.
I don't remember it because I was born in the 80s : ). Thanks for the info.
Banks hate Credit Unions. Why? Because credit unions offer a lot of the same products that banks offer, but don't have to pay as many taxes, as a result a credit union can offer better rates.
credit unions are better in general in my experience, plus they are better for your local economy. downsides of credit unions are amount of locations, amount of atms, lack of diversity in credit card options and investment. they generally pay out better dividends and rates are lower.
Credit unions usually limit membership to a community or an employer. They have similar products to banks but many dont offer mortgage loans. I have been much happier w my credit union accounts than my banks.
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