Should you join a credit union?

It’s important to have a financial institution you can trust to bank with. You need to have a place to park your cash, as well as a trustworthy provider of mortgages, personal loans, and other financing needs.

When it comes to picking a financial institution, many people default to a local bank. After all, there are tons of banks out there, both big and small, and they offer all different kinds of financial services. But banks aren’t your only option – you could also opt to join a credit union.

Credit unions offer many of the same services as banks, but they are nonprofit organizations that are owned by their member customers. A bank, on the other hand, generally exists to make a profit for its owners, whether it’s a private company or a publicly traded company with millions of shareholders. These differences in ownership lead to differences in how banks and credit unions are run.

It’s important to understand these differences if you’re thinking about joining a credit union. There are pros and cons, and this guide will help you to decide whether a credit union is right for you.

 

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