When you choose a place to store and handle your money, it is vital that you do your due diligence and find the place that is right for you. Not all banks are created equal, and not all credit unions either. In order to ensure you make the right choice, some research into your local options is required.
This video provides some basic differences and similarities between credit union and big banks to get you started.
Big banks have a history of questionable behavior to say the least. In these past few years, we have seen Wells Fargo’s scandal of creating fraudulent accounts as well as other big banks repackaging junk bonds as valuable investments. It is critical that you don’t let your money or investments fall into the wrong hands. While they are not perfect by any means, big banks are usually a reliable and cheap option. However, credit unions are usually a better option for people. Credit unions offer a network of banks, as well as rewarding you for their local investment successes. Big banks usually keep this profit for themselves, and do not invest locally.
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