MONEY MATTERS
".... they may be more flexible when it comes to working with someone with financial challenges."
return their "profits" to members in the form of lower rates on loans, higher interest on deposits and more personalized services. Other advantages of a credit union are that they tend to have lower fees on checks, withdrawals and electronic transactions, and many offer checking accounts with no minimum balance and without a monthly service charge. Finally, because credit unions are smaller and have a focus on member service, they may be more flexible when it comes to working with someone with financial challenges.
Bank advantages.
Banks, because of their size and scale, tend to offer more financial products than credit unions. For example, a credit union may have two or three different types of checking and savings accounts, whereas a bank may have dozens to choose from. Depending on where you live, banks will most likely have more locations for convenient access and more advanced online and mobile banking capabilities. Because of their geographic reach and wider range of offerings, a large bank could be a better fit for someone who wants specialized financial products
(annuities, trusts) and needs access to nationwide locations.
Credit unions catching up.
Depending on where you live, you may have numerous options for selecting a credit union. Some credit unions may have only one location and offer basic financial services like auto loans, checking and savings accounts. Other credit unions may have a large footprint in a market or state and offer the breadth of services you'd find in a bank. Most offer free, nationwide ATM access, and since many credit unions belong to cooperatives, members can access accounts across the country through other credit union branches. Bellco, for example, offers a full range of financial products and services, including mortgages, auto loans and checking accounts. Today, Bellco has more than 300,000 members who benefit from the advantages of a credit union, including lower interest rates on loans, higher yields on savings and access to thousands of ATMs nationwide.
"Look at the current rates, fees, and incentives - as well as overall benefits to
being a customer or
a member of the bank
or credit union."