i was thinking of closing my checking and savings from my bank. and open new accounts with a credit union . Because I heard it was better . main reason i would do it because of a loan for school or house . what would be better keep my existing bank or open an account with a credit union?
2007-01-12 14:45:58 · 4 answers · asked by bashfulpapi 2 in Business & Finance ➔ Personal Finance
There is no general answer. They are pretty equal for the most part. I would look at the services you want and find out who has better options. I wouldn't base it on generalizations
2007-01-12 14:50:35 · answer #1 · answered by moonman 6 · 0⤊ 0⤋
I think you should research interest rates between banks and credit unions first. also check out the terms-if any. You might check online Bankrate.com is a good source to compare rates. Be sure to check out the fine print when getting a loan and make sure you understand all fees involved before jumping in. Good Luck
2007-01-12 15:21:39 · answer #2 · answered by gregg s 2 · 0⤊ 0⤋
Credit unions seem to have more benefits and cater to you. Many banks are impersonal. Savings and Loan institutions are my favorite. I think they give more benefits than the Credit Unions. However, do you your homework and compare specific individual institutions.
2007-01-12 14:59:35 · answer #3 · answered by Carlene W 5 · 0⤊ 0⤋
If you don't travel much I recomend a Credit Union. Fewer fees, penalties and such. If you travel a lot banks offer more convenience.
2007-01-12 15:22:15 · answer #4 · answered by Chi Guy 5 · 0⤊ 0⤋