Skip to main content

How to choose a Bank vs Credit Union

Number One in looking for a Bank vs Credit Union would be they must offer a truly free checking account.

I hate to pay bank fees.  I have a long term relationship with a bank and I do not have a monthly fee for my checking account.  However if I was looking for a new Bank or Credit Union I would probably go with a large Credit Union in my area.  The line between banks and Credit Unions has blurred in recent years.

Originally Credit Unions had very limited memberships, work related usually.  Now most have open memberships.  Credit Unions are owned by the members vs Banks are owned by their shareholders. 

Your Bank vs Credit Union Location

It is really handy to have your bank or credit union close to either where you live or where you work.  While you may only go there once a month or once a week, if it is way out of your way to get there you will not like it.

No Fee Checking

Credit Unions usually have no fee checking however many banks are starting to offer no fee checking also.   

Credit Unions are often much smaller than banks and often have Credit Builder loans available.  

Credit Card Offers

Nearly all Banks and most Credit Unions offer Credit Cards.  Most Credit Unions will offer you a Secured Credit Card if you have not developed your credit score yet.

Both Banks vs Credit Unions

Both Banks and Credit Unions will offer mortgages, loans and savings accounts.  In my experience you will probably get more personal attention at a Credit Union. 
Labels:

Comments

Post a Comment

Popular posts from this blog

My Introduction to Airline Miles

 I was first introduced to airline miles by a friend who had just gotten a United Airline Chase Credit Card .   I signed up and started getting airline miles for all of my business purchases.  Just for signing up I received 50,000 miles.  I believe I had to spend $3,000 in the first three months to get the 50,000 points.  This was a great bonus, two free flights anywhere in the US for spending $3,000 which I would have spent anyway.   The annual fee for this card is $95 which is waived for the first year. It took 25,000 airline miles to get one round trip ticket anywhere in the US.  Short flights would only cost 20,000 airline miles. I used just this Chase United card for a couple of years and earned a couple hundred thousand Airline Miles on the purchases my business made.   More Chase Points Cards I applied for and got more Chase credit cards for points.  I got the first Chase Freedom card with no annual fee.  This ca...
Post a Comment
Read more

How Home Loans Impact Your Credit Report

Home loans have a different impact on your credit score than credit cards. Since most home loans last for 30 years after a few years they are an excellent credit reference. That is if you make your payments on time. The monthly grind of making the Home Mortgage Payment isn't much different after a few years than paying rent.  The rent increases over the years while your Mortgage payment will stay the same except for tax and insurance increases.  For many households the increase in house prices creates the largest family asset. The Home Loan is often the longest loan to show up on your credit report.  It also shows lenders you can make payments over an extended period of time.   The size of your Home Mortgage payment when compared to your claimed income when you Apply for a loan may also have a significant impact.  
Post a Comment
Read more

Should I Carry a Balance On My Credit Card?

 No Many people think that it will help your credit if you carry a Balance on your Credit Card.  This is simply not true.   The only things that change if you carry a balance on your card is you will pay a high rate of interest and you will pay interest.   You do not need to pay interest on your cards to keep them active and for them to have a positive effect on your credit score.   Use each of your cards a few times a year and pay them off in full at the end of the month and they will stay open and eventually have a positive effect on your credit score.  
Post a Comment
Read more