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 aren't very common. When compared to banks, there aren't many credit unions out there. What this means is that becoming a member of a union can prove to be a challenge. Not only must you find a location that you're eligible for, but membership costs a certain fee upfront to boot. What this means is that if you're interested in joining a credit union, you have to be willing to look around for options.
PRO - There is accessibility when it comes to credit unions. This is particularly true when you think about the ways that credit union members access their funds. ATMs are prevalent for this reason, according to the likes of Bob Jain CS, but what you may not know about them is that they don't require additional fees. You can take out what you need without having to pay anything more. It speaks volumes about how important the littlest things are.
CON - Credit unions require you to read the fine print. With all of the benefits that credit unions have to offer, there are some catches to be mindful of as well. Some branches will issue penalty fees. Others might not be able to offer in-person transactions, which eliminates the human element that many people like. These are just a few reasons why, prior to applying to a credit union, you should read the guidelines as thoroughly as possible.
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 aren't very common. When compared to banks, there aren't many credit unions out there. What this means is that becoming a member of a union can prove to be a challenge. Not only must you find a location that you're eligible for, but membership costs a certain fee upfront to boot. What this means is that if you're interested in joining a credit union, you have to be willing to look around for options.
PRO - There is accessibility when it comes to credit unions. This is particularly true when you think about the ways that credit union members access their funds. ATMs are prevalent for this reason, according to the likes of Bob Jain CS, but what you may not know about them is that they don't require additional fees. You can take out what you need without having to pay anything more. It speaks volumes about how important the littlest things are.
CON - Credit unions require you to read the fine print. With all of the benefits that credit unions have to offer, there are some catches to be mindful of as well. Some branches will issue penalty fees. Others might not be able to offer in-person transactions, which eliminates the human element that many people like. These are just a few reasons why, prior to applying to a credit union, you should read the guidelines as thoroughly as possible.
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