Sunday, October 9, 2011
Credit unions vs banks.
When credit unions make a profit, the profits are distributed back to their customers. Credit unions are run by the community, for the community.
There are advantages to both banks and credit unions. Major banks have a lot of ATMs so you have more access to take out money. Credit unions don't have that accessibility but when credit unions make a profit, that money is invested back to your community. Credit unions have high incentives for checking accounts.
Credit unions are a non-profit organization. So they don't benefit from the people who use credit unions. Most credit unions are ran by people who put money into it, like you.