Difference of Using the Services of a Bank and a Credit Union
There are different kinds of organizations that we can deal with that offers financial services and it would be great if we can have some knowledge on all of them as we need to make sure that we are getting a service that we can trust. Using a bank can make us feel secured when we need to have a place where we can store our money that is why there are about 95% of the population in the US nowadays that have a bank account. Banks can be quite trustworthy especially when it is a large organization but we should also know that there are credit unions that can be trusted and we may also be able to have a lot of benefits from the services that they offer. Credit unions are a lot less known compared to banks but we should know that they have similar functions that we can use so that we can store our money or so that we can get some funding through the services that they offer. We store our money in banks but we should also know that we can borrow some money in them so that we can afford buying things that would involve a lot of money. Banks handles a lot of money through their loans and the deposits that people make in them that is why they are able to provide financing services through them and they are also able to make a lot of money because of it.
We are able to find the same functions in credit unions that are similar to what banks have but they would differ in their ownership as these credit unions are owned by their members unlike banks that are owned by large organizations or investors. Members of credit unions have a certain kind of control on who is going to manage it or who is going to take control of its operations as well as in how the money that it has would be handled. But we should also know that banks have a much better technology and they can be quite accessible to us as they have a lot of facilities that we can find all over the country. We can protect our money much better in credit unions because they have lower fees in their services as they are not limited by any investor. The interest rates that they have in their loans or credit services are also much lower that is why we should also consider these things when getting the services that we need. Banks are large organizations that is why it would still be best to deal with them if our transaction would involve a lot of money.