What’s Better a Bank or Credit Union?

I’m the worst type of client, and its because I don’t have loyalty towards any company. I would go with credit union, big bank or even an online bank; what I care about is who has the best deal available consistently.

So in this video, I’ll tell you the difference and I’ll also tell you which one is better.

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Obviously First:

What make a Credit Union Different from a bank

Well there are three main obvious difference

Credit unions are non-profit, they are own by their members and each member usualy share a common bonds

While banks are for-profit and just care about profit obviously, and they want profit from absolutely everyone.

So in the Real World: Just imagine this

If you own a company, you will do your best to get the best deal for yourself

While if other people own a company, they will try to get the most profit for themselves

So credit unions are more friendly and usually more affordable

Pros of having a Bank

Banks are massive and they have a lot of money, products and resources

And that shoes in what they can do

They have a ton of atms, local branches and a lot of great offers if you know how to take advanatage of them

But they are sneakey:

They offer you products to potentially get you to overspend ( like credit card promotions ))

They have a bunch of fees that are usually hidden

Again their goal is to make a profit

Credit Union do have their pros

They usually have amazing customer service

They also have sometimes better rates and offers than banks

But they do tend to have less money than big banks

Those less resources like

and that can show in their apps, and products that they offer

Which one is best

The answer is, one might be for profit and another non profit

But that doesn’t really matter to you as an individual

They are both covered under FDIC and NCUA which is great, so you’re money is safe

But when you need to save money

Compare rates and see who has the best deal

When you need to buy a home, compare rates and see who has the best deal

Don’t fall into the loyalty trap, use both and see what works best

But Credit union members have to some type of common bond

Yeah but a lot of credit union have an option for you to make a donation and that qualifies you

However don’t go into debt with either, its still stupid idea to go into consumer debt

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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