Credit Unions vs Banks
While this comparison has been published by a credit union and might be considered biased because of that, I think it is a fair representation of why a credit union might be better than a bank.
Credit Unions
> Not-for-Profit
> Profits Benefit Members
> Don’t Need a Bail Out
> Don’t Cost Taxpayers Anything
> Locally Owned
> Low Fees
> Surcharge-free ATMs (28,000 to be exact!)
> Approve Loans in Members’ Best Interest
> Still Lending Responsibly
> Most CUs have 3,500+ Branches
> Voluntary Board of Directors
> Member-owned
> Small = Nimble, Can Serve Quickly
> Transparent
Banks
> For Profit
> Profits Benefit Stockholders at Customers’ Expense
> Need a Bail Out
> Cost Taxpayers
> Typically, Not Locally Owned
> High Fees
> ATM Fees
> Approve High-risk Loans
> Slowing Lending Due to Poor Lending Practices
> Limited Number of Branches
> Paid Board of Directors
> Bank-owned
> Large = Bureaucracy, Overhead
> Concealed
