It’s time to set the record straight as we put urban legends about credit unions and banks to the test.
Credit union profits belong to its members. Bank profits go to shareholders. Verdict: TRUE Credit union profits are returned back to members in the form of lower loan rates and higher savings earnings. Bank profits go to their shareholders, not their customers.
It’s easier to access your account with a bank. Verdict: FALSE With thousands of ATM locations across the nation, debit cards accepted nearly everywhere, and 24 hour online banking, handling your accounts with a credit union has never been easier.
Credit union members own the credit union. Verdict: TRUE When you open a credit union account, you become a co-owner. Each member has one vote in electing board members and can run for election to the board or committees.
Banks offer more financial products and services. Verdict: FALSE This may have been true like 50 years ago, but today’s credit unions offer everything you need including checking, savings, loans, online banking, credit and debit cards, financial education, insurance and more!
So there you have it. Credit unions are the best bet for handling all your money needs ... and that’s a fact!
