What are the advantages of using a credit union?

Question

Compared to other banking methods. In what ways is it better than banking at a traditional bank?

Answer 1

Credit Unions do have lower rates on loans. However, some  do not report your payment history to the credit bureaus in order to keep the cost down.

Answer 2

Credit Unions

Credit unions are not-for-profit financial cooperatives that exist solely to serve their members.

Credit union earnings are used to serve members’ needs. There are no outside stockholders – only members, so it can pass along savings to customers instead of paying shareholders.

A volunteer board of directors is elected by the credit union membership to represent them.

Every member of a credit union has an equal vote.

A credit union serves only its members. It has a defined field of membership approved by its government regulators.

Banks

Banks are for-profit corporations.

Banks are in business to make profits for its stockholders, who may not even be bank customers.

Bank boards of directors are paid for their services.

In a bank, the more shares a stockholder owns, the more control he or she has.

Banks serve the general public.

Answer 3

Well, Credit Unions are non-profit organizations which provide members cheap rates on loans for auto, home, as well as education (college).