money






 

Question by  dfraz (35)

What are the pros and cons of a credit union vs. a bank?

I really don't know the difference.

 
+7

Answer by  GeoffKeoghyahoocom (466)

A credit union is more of a club. You can receive special promotions and deals through a credit union. A bank is generally just a good place to have a checking and savings account. You would not generally always go to your local bank when looking for sources of credit.

 
+6

Answer by  tamarawilhite (17883)

National banks have ATMs and branches at more locations. Credit unions offer higher interest rates and lower loan fees. Credit unions offer small loans, such as a loan for the difference left over after selling a car at a loss; banks won't do this.

 
+6

Answer by  Ella22 (610)

Credit Unions have lower interest rates on their loans. When making a real estate loan, you pay fewer charges, fewer points, and generally a better interest rate. They generally have a higher interest rate on their savings and interest on their checking accounts. They have higher standards for loan qualifications. They are only open to specific members with certain qualifications.

 
+5

Answer by  RunawayJim (964)

There are a lot to list. And it really depends on your financial status, and what benefits you are looking for. Large banks are the best for financial security though.

 
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