Pros & Cons of Credit Unions
Credit unions have a number of pros and cons, when compared to traditional banks. With more people being eligible to join credit unions, consumers should consider the differences and make an informed decision as to which is best for their banking needs.
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Banking Fees and Rates
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Credit unions usually have a lower fee structure than traditional banks while paying higher interest rates. However, credit unions have small ATM networks which may result in more fees as customers may need to use non-network ATM machines more frequently.
Loan Products
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Credit unions typically offer a wide selection of loan products for cars, homes, and other needs, but they might not offer as many variations of these loans. However, consumers needing standard loan products will find that credit unions can meet their needs. Credit unions often have lower interest rates on their loan products as well.
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Branch Availability
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In some areas, credit unions may be open later on weekdays and longer on weekends than traditional banks. However, as credit unions serve a limited area, those who travel frequently will not be able to find branches to complete transactions while out of town.
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References
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