Credit Unions vs. Banks?
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- capn_ron0
i agree with JSK. but i only use the bank for it's minimal benefits right now. ATM, bill pay and direct deposit. Other than that, i have no use for a bank at the moment.
- JSK0
Only reason you would move to credit union is to save on ATM fees. They lack diversity of banking products and tend to carry higher mortgage rate.
- JSK0
Btw credit unions are part of bigger banking system. They sell off their loans to bigger banks who sell them off to investment banks.
While they do nor have risky investments such as high risk loans including mortgage backed securities as much, they are at high risk due to higher failure rate of small to medium size business.
- lowimpakt0
I'm in the UK and I use a co-operative bank. It's only shareholders is a member owned co-operative group.
They don't invest my money in companies involved in the arms trade, sweatshops, genetic engineering, animal testing etc etc.
it has regular high street branches and I have all the regular banking services you would expect.
- JSK0
Credit union much higher degree of failure.
Credit union for profit
Coop credit union not for profit
- capn_ron0
all i know is that i can go to any 7-11 with my credit union and get cash for free. That right there probably saves me $100 a year in fees from when i was with Chase. Other than that, maybe it is supporting your local smaller business as opposed to a larger corporation.
- scarabin
more and more i'm hearing that moving your cash from one of the major banks to a local credit union is the way to go.
can someone with a better knowledge of the subject than myself explain to me why?
i've always hated our banking system so i'm just itching to find a way to stick it to 'em, even if in a small way.