Private banks, Chase, Bank of America etc. are FOR profit organizations. Their biggest concern is to use all of their resources to make their earnings grow. Their concern is for their customers, but in the end its about how much income they (big banks) can extract from their customers without making them want to leave their bank.
Credit Unions are NOT for profit organizations. They offer a wide variety of financial services, the big thing with CU is they are owned by their members! Just by having an account at a credit union makes you a member and an owner, how many of you can say that of Chase, or BofA? As a member of a Credit Union you can vote and run for the Board of Directors. You money does not matter, you could have 10 dollars in an account or 10 thousand dollars in an account, you vote is still the same. Credit Unions are run by volunteers and no one gets paid in any way shape or form for their time.
Are Credit Unions Really Better Than Banks?
Banks have shareholders, Credit Unions do not. Shareholders want to see a profit from their investment. Credit Union profits are returned to members in the form of fewer fees and better interest rates. Everyone can join a credit union as well, where as banks will turn you away after a credit check if they feel you are a risk.
Banks spend millions every year lobbying the government to keep credit unions a secret. If most people new more about credit unions, big banks would suffer a huge loss, and so would the government.
Checking accounts with credit unions are usually free, there is no minimum balance that needs to be kept, you will not get hit with ridiculous fees. checks are at cost, meaning there is no one trying to make a profit off of them so you pay a lower cost. You can get your money from an ATM as well as credit unions are members of a national network of credit union ATMS, with no surcharges for withdrawing your money. The ATM you are using may charge you, but credit unions will not charge you as big banks do, so there is no double charge.
More often then not credit unions offer better rates on care loans then big banks, and usually as well and most times even better then the dealerships themselves. There are no service, commitment and underwriter fees for your savings, CDs, money market and mortgage rates.
You can direct deposit checks into a credit union
You can use ATMs with a credit union
You can get car loans, mortgage’s and CDs
You have no minimum balance charges in a credit union
You can have a checking account
You can have a savings account
Most Credit Unions now are offering online banking :Check your local Credit Union