2006-07-11 14:00:42 · 3 answers · asked by fotojunkie 3 in Business & Finance ➔ Personal Finance
There are defiantly some advantages! You have the money taken out of your check directly, so you are not able to spend it. You are able to get loans at a much better rate. And some credit unions are part of a Byers club, where you can purchase a large ticket item for a good price.
2006-07-11 14:06:14 · answer #1 · answered by IrishRadical 1 · 1⤊ 0⤋
In theory, since credit unions are organized for the benefit of their members they are supposed to have better rate on both savings on loans compared with commercial banks, which are organized to maximize profits for their owners. However, some credit unions are so small that their rates can't compete with the likes of cit & chase who have phenominal economies of a scale. In addition, credit unions often lack the bredth of products that are offered by large commercial banks.
Research your alternatives & choose wisely. good luck!
2006-07-11 14:13:56 · answer #2 · answered by Homer J. Simpson 6 · 0⤊ 0⤋
Like any other "product" you should compare the offerings you need against other banks and credit unions.
2006-07-11 16:34:58 · answer #3 · answered by Common Sense 7 · 0⤊ 0⤋