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 - Members are placed at the forefront. For those who don't know what credit unions are, companies like Bobby Jain CS will tell you that they are owned and operated by members. Their goal is to pass along savings and benefits to said members, so that they can feel like their investment is worthwhile. What this means is that you won't feel like you're taken advantage of. This is one of the most noteworthy benefits of credit unions.
CON - Credit unions are tough to come by. Banks are commonplace, to say the least. The same cannot be easily said for credit unions, which means that becoming a member can be a challenge. You have to find a place you can apply, not to mention cover any membership fees that unions entail. It's worthwhile to apply to a union, depending on your situation, but you must take the time to survey all of the different options available to you.
PRO - Credit unions are surprisingly accessible. How, exactly, do credit union members access their funds? Bob Jain CS will tell you that it's through ATMs, which bank members are familiar with. What's even more notable about credit union ATMs is that members don't have to worry about any other fees, which is great from a membership standpoint. After all, you want to feel like your needs are being accounted for.
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 - Members are placed at the forefront. For those who don't know what credit unions are, companies like Bobby Jain CS will tell you that they are owned and operated by members. Their goal is to pass along savings and benefits to said members, so that they can feel like their investment is worthwhile. What this means is that you won't feel like you're taken advantage of. This is one of the most noteworthy benefits of credit unions.
CON - Credit unions are tough to come by. Banks are commonplace, to say the least. The same cannot be easily said for credit unions, which means that becoming a member can be a challenge. You have to find a place you can apply, not to mention cover any membership fees that unions entail. It's worthwhile to apply to a union, depending on your situation, but you must take the time to survey all of the different options available to you.
PRO - Credit unions are surprisingly accessible. How, exactly, do credit union members access their funds? Bob Jain CS will tell you that it's through ATMs, which bank members are familiar with. What's even more notable about credit union ATMs is that members don't have to worry about any other fees, which is great from a membership standpoint. After all, you want to feel like your needs are being accounted for.
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.
About the Author:
Kindly contact Bob Jain Credit for further fiscal guidance from Bobby Jain Credit.
No comments:
Post a Comment