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 placed at the forefront. For those who don't know what credit unions are, companies like Bobby Jain CS will tell you that they are owned and operated by members. Their goal is to pass along savings and benefits to said members, so that they can feel like their investment is worthwhile. What this means is that you won't feel like you're taken advantage of. This is one of the most noteworthy benefits of credit unions.
CON - Credit unions are tough to come by. Banks are commonplace, to say the least. The same cannot be easily said for credit unions, which means that becoming a member can be a challenge. You have to find a place you can apply, not to mention cover any membership fees that unions entail. It's worthwhile to apply to a union, depending on your situation, but you must take the time to survey all of the different options available to you.
PRO - Credit unions are surprisingly accessible. How, exactly, do credit union members access their funds? Bob Jain CS will tell you that it's through ATMs, which bank members are familiar with. What's even more notable about credit union ATMs is that members don't have to worry about any other fees, which is great from a membership standpoint. After all, you want to feel like your needs are being accounted for.
CON - You must read every last guideline. Credit unions have more than a few benefits, but this doesn't mean that you should immediately sign up to become a member. As a matter of fact, it's in your best interest to read the guidelines of what membership entails. For instance, if you didn't read them beforehand, you might not have known about penalty fees that can be issued toward your account. Needless to say, it's essential to read the fine print.
PRO - Members are placed at the forefront. For those who don't know what credit unions are, companies like Bobby Jain CS will tell you that they are owned and operated by members. Their goal is to pass along savings and benefits to said members, so that they can feel like their investment is worthwhile. What this means is that you won't feel like you're taken advantage of. This is one of the most noteworthy benefits of credit unions.
CON - Credit unions are tough to come by. Banks are commonplace, to say the least. The same cannot be easily said for credit unions, which means that becoming a member can be a challenge. You have to find a place you can apply, not to mention cover any membership fees that unions entail. It's worthwhile to apply to a union, depending on your situation, but you must take the time to survey all of the different options available to you.
PRO - Credit unions are surprisingly accessible. How, exactly, do credit union members access their funds? Bob Jain CS will tell you that it's through ATMs, which bank members are familiar with. What's even more notable about credit union ATMs is that members don't have to worry about any other fees, which is great from a membership standpoint. After all, you want to feel like your needs are being accounted for.
CON - You must read every last guideline. Credit unions have more than a few benefits, but this doesn't mean that you should immediately sign up to become a member. As a matter of fact, it's in your best interest to read the guidelines of what membership entails. For instance, if you didn't read them beforehand, you might not have known about penalty fees that can be issued toward your account. Needless to say, it's essential to read the fine print.