There is a bit of a debate as to which institution is better: a bank or a credit union. Which one should be relied on when it comes to one's financial situation? Banks are well-known by most people, but the same cannot be said for credit unions, which tend to be overlooked by comparison. With that said, you should be aware of what they have to offer, in addition to where they are lacking. Here are the biggest pros and cons of credit unions, by Bob Jain.
PRO - The focus is placed on the members. Anyone who is part of a credit union will probably tell you that members are focused on. This makes sense when you consider that unions are owned and operated by its members, which means that benefits of various types are passed along to them. Simply put, the members of a credit union are put first. It's a great perk that companies along the lines of Bobby Jain CS can draw attention toward.
CON - Credit unions are small in numbers. The same cannot be said for banks, which are prevalent institutions in their own right. Credit unions, on the other hand, seem to be few and far between, which means that applying to one might be a challenge. This is even truer when you consider the fees that are required for membership purposes. For reasons such as these, it's important to weigh your options and determine if a credit union is right for you.
PRO - They are as accessible as banks. This is especially true when talking about the ways that credit union members can access their money. According to Bob Jain CS, credit unions have ATMs, which are common with most banks. However, the fact that they can be accessed without any additional fees in place brings about a sense of confidence. Simply put, members will be more likely to stick around because of such perks.
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 - The focus is placed on the members. Anyone who is part of a credit union will probably tell you that members are focused on. This makes sense when you consider that unions are owned and operated by its members, which means that benefits of various types are passed along to them. Simply put, the members of a credit union are put first. It's a great perk that companies along the lines of Bobby Jain CS can draw attention toward.
CON - Credit unions are small in numbers. The same cannot be said for banks, which are prevalent institutions in their own right. Credit unions, on the other hand, seem to be few and far between, which means that applying to one might be a challenge. This is even truer when you consider the fees that are required for membership purposes. For reasons such as these, it's important to weigh your options and determine if a credit union is right for you.
PRO - They are as accessible as banks. This is especially true when talking about the ways that credit union members can access their money. According to Bob Jain CS, credit unions have ATMs, which are common with most banks. However, the fact that they can be accessed without any additional fees in place brings about a sense of confidence. Simply put, members will be more likely to stick around because of such perks.
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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Kindly contact Bob Jain Credit for further fiscal tips from Bobby Jain Credit.. Unique version for reprint here: Bob Jain: The Pros & Cons Of Using Credit Unions.
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