Should I keep my money at the Bank or with a Credit Union? Banks vs Credit Unions… With all the media covering the banking scandals, people are asking, where should I keep my money? In a Bank or a Credit Union. The answer isn’t always simple, Credit Unions are AMAZING and I have accounts with a couple of them. But unfortunately, there are some perks to going to a bank too.
Banks Pros and Cons
It’s no secret, banks have a pretty nasty reputation when it comes to treating their customers with fair opportunities. Often times, when choosing a banks, consumers face consequences of high and hidden fees they may not have been aware of when signing up and also outrageous overdraft fees and more. Banks were designed for the rich, wealthy, and powerful with intentions of extracting wealth from the rest of us.
In fact, if you contact a big bank in regards to a late payment on a mortgage, loan, or credit card, they are the LEAST helpful and will push you to the side because they PROFIT from your debts.
Did you know America’s 3 biggest banks collect $6 billion dollars per year on overdraft and ATM fees? Now lets be reasonable.. chances are if you are human, you’ve over-drafted your bank account and experienced those outrageous fees too!
Now, if you are a multimillionaire, you may want to consider keeping your money secured in a big bank. Credit unions were not designed to cater to the wealthy in such a way that banks were designed for. Unfortunately, there’s no way to guarantee your money is safe and secure in a big bank, other then by word of mouth by wealthy millionaires.
Credit Unions Pros and Cons
Credit Unions can be a breathe of fresh air for the middle class society. Did you know that credit unions are member owned (that means you), not for profit, offer the lowest interest rates and fees, and actually have a human level service? Yes, they are by the people, for the people! Now, if you contact a credit union in regards to a late payment on a mortgage, loan, or credit card, they will work with you instead of against you.
Overdraft fees.. what are those?! Credit unions have the lowest overdraft fees, and (depending on the union you join) wave those fees for the first couple times in a reasonable circumstance. Now if you are apart of the working middle class, I would suggest signing up for a credit union, utilizing their services for loans and credit cards instead of using a big bank.
If you are looking to secure a fortune and be catered to as royalty, the big banks are probably your best option.
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