When you start looking for a financial institution, there are many choices that you will have to make. Deciding on whether to use a credit union or a bank is the first step in this daunting process. Despite the seeming popularity of banks, credit unions actually offer better opportunities to their customers, treating them as members and part owners of the institution.
Compared to banks, unions offer their members a much more friendly and personal experience. People noticed how impersonal banks could be, and that is why credit unions came to exist. In 1864, the first credit union was formed, giving rural people in Germany the possibility to bank. Banks were unable to form in the country because of such limited cash flow and employment opportunities.
The very first credit union in the United States was founded in 1905 in New Hampshire. Canada's financial structure had been working very well, and they wanted to implement these ideas to the United States. Since that point, the amount of union members has grown rapidly, now reaching over eighty-five million people.
As a member of the union, you will also have the opportunity to give input on the many decisions that are made regarding the financial institution. It is more likely now for people to fall behind than it has been in the last few decades, making this a crucial time for people to make the right choices regarding financial institutions. There is no way that freezing lending and charging higher fees can help people during this difficult time.
Banks all over the country have done this, not because they want to help the customers, but because they want to make money. Credit unions, on the other hand, are a democratic entity. Most of what goes on in a credit union is voted on by the members of the union. This gives you the ability to have control over your money, instead of leaving it up to bank management.
During the recent recession, the credit unions have proven to be much more durable than the model followed by banks. Despite the fact that twenty unions failed in 2010, over one hundred and thirty banks failed due to financial insolvency. In deciding on a credit union or a bank, make sure you ask questions and get as many answers as you can, and you will make the right choice.
This country has taken some hard hits financially in the past few years, and the people need financial institutions that care deeply about their customer's welfare. It is important that you will consider all the choices that you may have, but remember to ask questions and find out as many answers as possible before making your final decision.
Compared to banks, unions offer their members a much more friendly and personal experience. People noticed how impersonal banks could be, and that is why credit unions came to exist. In 1864, the first credit union was formed, giving rural people in Germany the possibility to bank. Banks were unable to form in the country because of such limited cash flow and employment opportunities.
The very first credit union in the United States was founded in 1905 in New Hampshire. Canada's financial structure had been working very well, and they wanted to implement these ideas to the United States. Since that point, the amount of union members has grown rapidly, now reaching over eighty-five million people.
As a member of the union, you will also have the opportunity to give input on the many decisions that are made regarding the financial institution. It is more likely now for people to fall behind than it has been in the last few decades, making this a crucial time for people to make the right choices regarding financial institutions. There is no way that freezing lending and charging higher fees can help people during this difficult time.
Banks all over the country have done this, not because they want to help the customers, but because they want to make money. Credit unions, on the other hand, are a democratic entity. Most of what goes on in a credit union is voted on by the members of the union. This gives you the ability to have control over your money, instead of leaving it up to bank management.
During the recent recession, the credit unions have proven to be much more durable than the model followed by banks. Despite the fact that twenty unions failed in 2010, over one hundred and thirty banks failed due to financial insolvency. In deciding on a credit union or a bank, make sure you ask questions and get as many answers as you can, and you will make the right choice.
This country has taken some hard hits financially in the past few years, and the people need financial institutions that care deeply about their customer's welfare. It is important that you will consider all the choices that you may have, but remember to ask questions and find out as many answers as possible before making your final decision.
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