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Archive for June 26, 2019

26
Jun

What Are the Differences Between Credit Unions and Banks?

Written by admin. Posted in Auto loans anniston, Checking account, Open a checking account anniston

Anyone who is thinking of opening a checking account or applying for a credit card should consider a credit union as well as different banks. Credit unions are financial institutions that provide many of the same services as banks, but there are also some important differences. These differences relate to ownership and policies, and they are often the reason why many people prefer credit unions to banks for their financial services.

What are credit unions?
Credit unions are cooperative financial institutions that are owned by their members. Unlike banks, which have to answer to their shareholders, credit unions can institute policies that are in the best interests of members who are also the customers. They can offer loans and credit at lower rates of interest than banks and other financial institutions, and also have low to zero fees for bank accounts. In fact, credit unions qu