In our economy today, there is a lot of talk about what the safest thing to do with you money could be. Frequently, they still choose to invest their money in markets, but other than doing that, your choices come down to credit unions or banks. Though banks have traditionally been the primary choice for banking needs, we are seeing people begin to switch over to the idea of credit unions. There are significant differences between banks and credit unions, and if you need help guiding your decisions, then you should take at a look at the information in this post.
Before delving into the benefits of credit unions, let's take a look at what differentiates credit unions and banks. For the most part, the two operate in the same way, except that banks are generally for-profit operations, and credit unions are more of a collective, non-profit entity. You can see how this would affect the different policies each enacts; credit unions will always put their focus on improving safety for the customer. Banks generally have only their own profit margins to consider when making policies.
Credit unions, by dint of their non-profit status, are able to provide high interest rates on all deposits, while at the same time offering much lower rates for loans. The difference in interest rates when compared to banks can often be up to one percent, which is very vast in banking terms. You'll be making more money off of your own money, while you will be saving money when you take a loan.
Consumers will find that credit unions are simply designed to be safe. Your money will be invested much more safely than in banks, because credit unions do not have shareholders that are constantly demanding profits. Your money remains safe regardless of the overall economic climate; this means that even in a downturn, your credit union will be safe. For anyone who wants to avoid the worry of losing all their money due to the poor investments of banks and markets, putting your money in a credit union is a good idea.
One way that banks have traditionally been better than credit unions is in convenience, but this paradigm is shifting rapidly. In the past, finding a branch of your credit union, or even an ATM, could be difficult. Credit unions have worked to conquer this problem, though, and you'll find now that many credit unions have joined together to create ATM alliances where you do can find free ATMs all over the world.
If you are looking for an alternative to the slice and dice methods that banks use in dealing with your benefits, then you would be well advised to take a look at a credit union.
Before delving into the benefits of credit unions, let's take a look at what differentiates credit unions and banks. For the most part, the two operate in the same way, except that banks are generally for-profit operations, and credit unions are more of a collective, non-profit entity. You can see how this would affect the different policies each enacts; credit unions will always put their focus on improving safety for the customer. Banks generally have only their own profit margins to consider when making policies.
Credit unions, by dint of their non-profit status, are able to provide high interest rates on all deposits, while at the same time offering much lower rates for loans. The difference in interest rates when compared to banks can often be up to one percent, which is very vast in banking terms. You'll be making more money off of your own money, while you will be saving money when you take a loan.
Consumers will find that credit unions are simply designed to be safe. Your money will be invested much more safely than in banks, because credit unions do not have shareholders that are constantly demanding profits. Your money remains safe regardless of the overall economic climate; this means that even in a downturn, your credit union will be safe. For anyone who wants to avoid the worry of losing all their money due to the poor investments of banks and markets, putting your money in a credit union is a good idea.
One way that banks have traditionally been better than credit unions is in convenience, but this paradigm is shifting rapidly. In the past, finding a branch of your credit union, or even an ATM, could be difficult. Credit unions have worked to conquer this problem, though, and you'll find now that many credit unions have joined together to create ATM alliances where you do can find free ATMs all over the world.
If you are looking for an alternative to the slice and dice methods that banks use in dealing with your benefits, then you would be well advised to take a look at a credit union.
About the Author:
The moment you enter long island mortgage rates into Yahoo, do you discover the thing you need?
Posts
No comments:
Post a Comment