Is using a Credit Union better than using a traditional bank?

Question

I would like to know how it is better to use a Credit Union compared to using a regualar bank

Answer 1

With mine the loan interest is next to nothing, much cheaper. It's also much easier to obtain a loan in the first place with credit union.

Answer 2

Credit unions have always given lower rates on loans and higher dividends on savings over the years. The only draw back I use to have was that their locations were always farther from where I lived but today I have the convienance of doing just about everything over the internet with my credit union which has eliminated the hassle of going to their location. I enjoy using the credi union verses a humdrum bank.

Answer 3

In most cases a Credit Union is better than a bank, but exceptions exist. It is not uncommon to find banks with better rates, but usually Credit Unions are better than banks in pricing.

Answer 4

Often the same services are at better rates at a credit union.

But you lose some of the benefits of a larger network, such as the availability of "free" ATM withdrawals, fewer branches, fewer services.

Using a combination of a large bank and a CU can be beneficial.

Answer 5

Yes, in most cases. Credit unions offer a wide variety of free services to their customers that a traditional bank doesn't. Just recently many banks are trying to become more competative by offering things such as free online banking. Loans have also been more atractive to potential customers by putting information of lower payments through lower interest rates on web sites such as Bankrate.com