Banks vs. Credit Unions

Banks are not all that bad but let’s face it; there is a difference between non-profit organizations and for-profit organizations.  So when it comes to credit unions vs. banks I am not an expert however, I can tell you about my experience going to a credit union.

After moving recently and becoming employed by an organization that supports a credit union I have decided to give it a try.  After going to a local bank here that we really haven’t used in a long time and getting our money withdrawn we went down to the local credit union.  While all financial institutions are different the experience was fast and very convenient.

The thing that surprised me the most is the fact that the credit union printed out our debit cards right there on the spot.  So Instead of having to wait for weeks on end before we are able to access our account we have our Debit cards right away and have access to our money.

Along with this for all of my life I have used local banks.  I really enjoy the great customer service I have received at these banks.  It was always nice to go into the bank and have one of the tellers ask how my parents in Guam were doing.  However, when we moved it became next to impossible to use a local bank as we have no way to deposit checks.

This problem is solved with a credit union.  With connections nationwide no matter where we go we will be able to use free ATMs and also deposit checks.  This makes life easier.

Overall you have to ask yourself where do I want to place my money?  Banks do have some advantages but as recent media coverage has shown us, in the end many banks care more about making money than they do about good customer service.  Every financial institution is different as such a non-profit organization like a credit union may work best for you.

If you want a good comparison check out this infograph