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Credit Unions

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19 minutes ago, ireallywannaknow said:

Does anyone here use a credit union instead of a bank? What has your experience been like? 

What are some pros and cons? 

I was thinking to open an account but haven't had a chance


for people who don't know anything about credit union

credit unions differ from larger banking chains in two distinct ways:

One key difference is that a credit union is a not-for-profit institution. Since credit unions operate as nonprofits, they can offer higher interest rates on savings accounts and CDs, and lower interest rates on loan products and credit cards.

Another important distinction is that credit unions are member-focused institutions. A credit union is a cooperative, which means it is owned and operated by its members, as opposed to being owned by its stockholders like a bank. Your initial membership deposit makes you a part owner of the credit union and gives you a say in the credit union’s decisions.

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