Which is better a credit union or a bank
The credit unions vs. banks controversy is easy. This is based on my personal experience. First as yourself what is the purpose of a credit union and what is the purpose of a bank?
A bank’s purpose is to serve the shareholders, make a profit and when it makes a profit from you give these proceeds to other people who may or may not have their personal money with the bank.
A credit union’s purpose is to serve the customer. It is a non-profit organization. Any profits it makes goes back to you.Their philosophy is to serve the members.
My personal experience with banks and credit unions
Banks have screwed me over every step of the way.
The people who work there are usually do not care about in you any way. Bank nickle and dime you with fees. They try to sell you everything from insurance to stocks and mutual funds and put themselves out there as the one stop solution to all your financial problems. However, this all come at a price, that is fees.
Some banks have financial planners on hand, financial planners are nothing more than salesmen, who want to sell you products again with fees.
I have worked for banks, brokerage houses, insurance companies and they are all about making money off of you and do not have your best interest in mind.
Why banks without hope
Its mostly the people who work for these organizations lack the brains to do something with their lives and they wind up in banking. Really, people in banking are usually the bottom of the barrel in terms of creativity and brains.
I only use a credit union.
Why credit unions are better
I use a American Eagle Federal Credit Union. Every experience with them has been positive because the people that work there I think like their job and helping the members. They are not greedy bankers who lack imagination so go into banking to get something from people, but rather at American Eagle Federal Credit Union people are there because they want to help their members.
What credit unions can do for you
You can make your credit union (and yes they have FDIC insurance) your one stop solution without too much fear they are trying to milk you with fees.
No stress, no shopping around just clear solutions for your banking and life. With a credit union you can just work at your day job and put your money in a credit union for your goals. When you have a lot of cash buy maybe some mutual funds they offer. They have IRAs, insurance, trust planning. Often these are third party companies, but I credit unions screen companies with their members best interest in mind.
Maybe you can save a little if you really shop around, but I believe in keeping it simple. If you keep your financial world simple and organized it frees you to do other things in life.
So what is better a bank or credit union
I can not image a case when you would ever use a bank if you can be in a well run reputable credit union. If you use a bank over a credit union you are foolish.