I'm with a big bank who's service has slipped considerably and I'm considering a credit union. Has anyone made this switch? What are the pros and cons? How do you pick a credit union?
2006-11-30 05:32:22 · 3 answers · asked by Shelley L 6 in Business & Finance ➔ Personal Finance
Pros: Better rates and more attention to you as they have few customers.
Cons: Fewer locations and shorter hours. Often less options and services than a full service bank.
2006-11-30 05:47:45 · answer #1 · answered by Matthew H 2 · 0⤊ 0⤋
I did this 25 years ago, and never went back to a bank. The credit union worked very well for me. They can have all the same services (depending on the size of the credit union) and better rates on loans, etc.
The downside is that some credit unions limit their membership to certain populations. It might be an employer, or type of job, or religious affiliation, etc. There is one near me that limits members geographically, although they defined the area big enough that for practical purposes anyone can join.
2006-11-30 05:45:11 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
Credit unions generally offer better interest rates for saving, as well as lower rates for loans.
Every car that I have purchased has been financed through my credit union.
2006-11-30 05:35:36 · answer #3 · answered by Mike B 1 · 0⤊ 0⤋