Pros of Credit Unions

[pennypinch]

Do any of you use a credit union for your banking? I use a regular bank but I was reading an article about credit unions and they sound like the better route to go.

The article said that credit unions are non-profit organizations who don't even have to pay taxes. Those savings are generally passed down to their customers with lower fees and such.

Interest rates on credit union credit cards tend to be 20% lower than bank cards. Their overdraft fees usually are $19 lower. Only 25% of credit unions charge for transfering a balance from another card vs the 88% of regular banks who charge.

I don't know but it sounds to me like credit unions are the better way to go if you are eligible to become a member. I guess you can find out if you are eligible by going to creditunion.coop. You probably have to answer a few questions. I think I will see if I can.

[ClassyLady]

I am not sure about this but I think you have to be a state employee for the state credit unions and also the federal.

Some companys have thier own credit unions. I will see what i can find out about this.

[carol b]

Ok first you do not have to be a federal or state employee to be a member of a credit union.

That settled there are some major benifits to being a credit union member. The APR that you are going to be paying on a credit card is going to be much lower.

Many credit unions are tied together so finding a service center is relatively easy. When you are out of town and need to do something at a bank you will need to find one.

Go to the credit unions website and look up the service center for the area that you are in. You will save yourself a bundle by doing so,this can also be done for ATM's. This will save you those pesky usage fees that non credit union ATM's charge.