Switch to a Credit Union

Are you unhappy with your current banking situation? Now might be a good time to switch to a  credit  union . Surprisingly, many people do not realize that there is a big difference between  banks  and  credit  unions . By learning these differences you might decide that you want to switch and that you will be happier doing your banking there.

First of all,  credit  unions  are member-owned. When you become a member you become part owner as well. Banks are owned by investors and their whole aim is to make money. At a bank a member feels like a customer rather than a member. On the other hand,  credit  unions  are also usually smaller and focus on a select group of people, so you have more of a personal relationship with the staff.

Another difference between the two is that  credit  unions  are not-for-profit. Therefore, they do not have to pay state or federal taxes. This allows them to keep lower interest rates and lower costs. On the other hand, banks will usually create new fees and policies so they can boost profits and make more money off of their customers.

Once you know the differences between these two places for banking, it makes the decision a bit easier to make. Switching is the smart thing to do. You will feel more at home and your interest rates and fees will usually stay lower than they would if you were at the bank. Make the switch and you will be happy with your banking situation.

Source by Christopher Ryan Webb

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Switch to a Credit Union