There seems to be a bit of a debate as to whether a bank or a credit union should be used. Each one has its pros, which goes without saying given the audiences that both bring in. However, there are certain downsides to be aware of as well. This is true for credit unions, as the likes of Bob Jain attest, which is why a bit of a learning experience is in order. For those who would like to learn about the biggest credit union pros & cons, here they are.
PRO - Members are given primary focus. Credit unions are, for those who aren't in the own, operated by its owners. Companies such as Bobby Jain CS will be able to agree, as it's one of the big incentives of applying. People want to know that any savings or benefits are being passed along to them, which probably goes without saying. Fortunately, those who belong to credit unions experience this feeling on a regular basis.
CON - Credit unions are small in numbers. The same cannot be said for banks, which are prevalent institutions in their own right. Credit unions, on the other hand, seem to be few and far between, which means that applying to one might be a challenge. This is even truer when you consider the fees that are required for membership purposes. For reasons such as these, it's important to weigh your options and determine if a credit union is right for you.
PRO - There is accessibility when it comes to credit unions. This is particularly true when you think about the ways that credit union members access their funds. ATMs are prevalent for this reason, according to the likes of Bob Jain CS, but what you may not know about them is that they don't require additional fees. You can take out what you need without having to pay anything more. It speaks volumes about how important the littlest things are.
CON - Credit unions require you to read the fine print. With all of the benefits that credit unions have to offer, there are some catches to be mindful of as well. Some branches will issue penalty fees. Others might not be able to offer in-person transactions, which eliminates the human element that many people like. These are just a few reasons why, prior to applying to a credit union, you should read the guidelines as thoroughly as possible.
PRO - Members are given primary focus. Credit unions are, for those who aren't in the own, operated by its owners. Companies such as Bobby Jain CS will be able to agree, as it's one of the big incentives of applying. People want to know that any savings or benefits are being passed along to them, which probably goes without saying. Fortunately, those who belong to credit unions experience this feeling on a regular basis.
CON - Credit unions are small in numbers. The same cannot be said for banks, which are prevalent institutions in their own right. Credit unions, on the other hand, seem to be few and far between, which means that applying to one might be a challenge. This is even truer when you consider the fees that are required for membership purposes. For reasons such as these, it's important to weigh your options and determine if a credit union is right for you.
PRO - There is accessibility when it comes to credit unions. This is particularly true when you think about the ways that credit union members access their funds. ATMs are prevalent for this reason, according to the likes of Bob Jain CS, but what you may not know about them is that they don't require additional fees. You can take out what you need without having to pay anything more. It speaks volumes about how important the littlest things are.
CON - Credit unions require you to read the fine print. With all of the benefits that credit unions have to offer, there are some catches to be mindful of as well. Some branches will issue penalty fees. Others might not be able to offer in-person transactions, which eliminates the human element that many people like. These are just a few reasons why, prior to applying to a credit union, you should read the guidelines as thoroughly as possible.
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