There is a bit of a debate as to which institution is better: a bank or a credit union. Which one should be relied on when it comes to one's financial situation? Banks are well-known by most people, but the same cannot be said for credit unions, which tend to be overlooked by comparison. With that said, you should be aware of what they have to offer, in addition to where they are lacking. Here are the biggest pros and cons of credit unions, by Bob Jain.
PRO - Members are given primary focus. Credit unions are, for those who aren't in the own, operated by its owners. Companies such as Bobby Jain CS will be able to agree, as it's one of the big incentives of applying. People want to know that any savings or benefits are being passed along to them, which probably goes without saying. Fortunately, those who belong to credit unions experience this feeling on a regular basis.
CON - Credit unions are small in numbers. The same cannot be said for banks, which are prevalent institutions in their own right. Credit unions, on the other hand, seem to be few and far between, which means that applying to one might be a challenge. This is even truer when you consider the fees that are required for membership purposes. For reasons such as these, it's important to weigh your options and determine if a credit union is right for you.
PRO - Credit unions are surprisingly accessible. How, exactly, do credit union members access their funds? Bob Jain CS will tell you that it's through ATMs, which bank members are familiar with. What's even more notable about credit union ATMs is that members don't have to worry about any other fees, which is great from a membership standpoint. After all, you want to feel like your needs are being accounted for.
CON - Credit unions require you to read the fine print. With all of the benefits that credit unions have to offer, there are some catches to be mindful of as well. Some branches will issue penalty fees. Others might not be able to offer in-person transactions, which eliminates the human element that many people like. These are just a few reasons why, prior to applying to a credit union, you should read the guidelines as thoroughly as possible.
PRO - Members are given primary focus. Credit unions are, for those who aren't in the own, operated by its owners. Companies such as Bobby Jain CS will be able to agree, as it's one of the big incentives of applying. People want to know that any savings or benefits are being passed along to them, which probably goes without saying. Fortunately, those who belong to credit unions experience this feeling on a regular basis.
CON - Credit unions are small in numbers. The same cannot be said for banks, which are prevalent institutions in their own right. Credit unions, on the other hand, seem to be few and far between, which means that applying to one might be a challenge. This is even truer when you consider the fees that are required for membership purposes. For reasons such as these, it's important to weigh your options and determine if a credit union is right for you.
PRO - Credit unions are surprisingly accessible. How, exactly, do credit union members access their funds? Bob Jain CS will tell you that it's through ATMs, which bank members are familiar with. What's even more notable about credit union ATMs is that members don't have to worry about any other fees, which is great from a membership standpoint. After all, you want to feel like your needs are being accounted for.
CON - Credit unions require you to read the fine print. With all of the benefits that credit unions have to offer, there are some catches to be mindful of as well. Some branches will issue penalty fees. Others might not be able to offer in-person transactions, which eliminates the human element that many people like. These are just a few reasons why, prior to applying to a credit union, you should read the guidelines as thoroughly as possible.