What are the pros and cons of a credit union vs. a bank?

Answer by  GeoffKeoghyahoocom (466)

A credit union is more of a club. You can receive special promotions and deals through a credit union. A bank is generally just a good place to have a checking and savings account. You would not generally always go to your local bank when looking for sources of credit.

Answer by  tamarawilhite (17883)

National banks have ATMs and branches at more locations. Credit unions offer higher interest rates and lower loan fees. Credit unions offer small loans, such as a loan for the difference left over after selling a car at a loss; banks won't do this.

Answer by  Ella22 (610)

Credit Unions have lower interest rates on their loans. When making a real estate loan, you pay fewer charges, fewer points, and generally a better interest rate. They generally have a higher interest rate on their savings and interest on their checking accounts. They have higher standards for loan qualifications. They are only open to specific members with certain qualifications.

Answer by  RunawayJim (964)

There are a lot to list. And it really depends on your financial status, and what benefits you are looking for. Large banks are the best for financial security though.