Whenever I tell people that I blog about credit unions, I typically get the same response: "isn't a credit union like a bank?" I have to tell them,"Well, yes, but mostly no." Banks and credit unions both offer financial products and services like savings and checking accounts, but that’s where the similarities end.
I guess it can be a bit confusing at times, so I thought I'd give my thoughts on why I like credit unions better than banks (in my opinion). Here goes:
1.) Credit unions aren't owned by shareholders. I am actually a part-owner of my credit union. I even voted for the board of directors.
2.) Credit unions typically have lower rate loans and better savings products. How can they do this? See #1.
3.) Credit unions aren't obsessed with returning profits back to shareholders. Instead credit unions focus on members and the community.
Again, these are just my thoughts. And this is just the tip of the iceberg. Visit your credit union today and see first-hand how being a credit union member can make a huge difference in your life.
