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.
