wut's the difference between a credit union & a regular bank?

Question

do credit unions cash checks? just wondering

Answer 1

They do everything a bank does but are not regulated as a bank. That ticks off the banks but is a good deal for consumers. They used to have all kinds of wacky restrictions on who could join a credit union. Nowadays they just ask a simple question like "are you breathing?" or "do you want to contribute $25 to any local charity?" If you say yes you can become a member and can cash checks, collect interest, use a popular ATM network, get a car loan or get a mortgage.

Answer 2

Yes, credit unions do cash checks, I think about the only difference is that they have a higher interest rate for savings, but of course they are less convenient than the chain banks, as in they don't have atms and the banks all over.......correct me if I'm wrong.

Answer 3

A credit union offers all the same services as a bank. The big difference is in ownership. Once you deposit money with them, you are actually buying shares in the credit union, so that makes you a part owner. You will get periodic newsletters about electing credit union officials, and you get to vote in these, as a member and part owner.

Answer 4

the version is really that a economic employer is way higher and has significantly better contained in the way of resources (and hence, theoretically, a lot less probable to be in probability of folding and taking your funds with it). also, maximum if no longer all credit unions are not getting rated by skill of accepted and Poors or Moody's or different grading centers to expose their power. It expenses extremely some funds to attempt this and maximum credit Unions don't have the asset base to do it. also, credit unions, no longer having the score, will pay better for the money they purchase (certain, banks purchase funds to mortgage and make investments with, etc... once you supply them your funds for, case in factor, a time deposit/ certificate of deposit/ time period deposit, whichever time period it makes use of, they are in essence "figuring out to purchase" the money from you for a era of time, and they use it to mortgage out to earn pastime) than rated banks, it truly is why they could furnish you on the total, better pastime cost returns on your deposits. This all isn't to assert that the credit union isn't secure. it really is, in spite of the indisputable fact that, owned by skill of people, no longer shareholders, and is often a lot smaller. wish this helps!