Bank vs credit union

Credit unions are just better all around if you don't need very specific resources usually tailored to larger corporations.

Both institutions are designed to earn profits for their owners. The difference is that in a credit union, the people with accounts are the owners.

Great question. I might be oversimplifying, but a few decades ago, the credit unions were considered a 'better' choice for most people. The board who managed all the money and loaned it out were democratically elected by the people who had accounts in the credit unions. It didn't seem like there was much advantage to a bank, which was for-profit for the people who ran it, until they became FDIC insured.

I don't know about the case for nowadays, though. Sorry.

>>1562609
Federal credit unions (in the states at least) are insured by NCUSIF. It fulfills a similar function to the FDIC. Not all state credit unions are insured the same way, but plenty of them are NCUSIF insured.

>>1562615
Yeah, while I was writing it I knew something didn't sound right... maybe I shouldn't have posted it haha. Thanks for clearing that up.

>>1562593
CUs often have checking accounts with 3% interest provided you use you debit card 10 times and have some sort of direct deposit. I make about $35 a month just from my dividends, so its almost like my CU pays my internet bill

Most are local and not suited for travelers. I'm a truck driver so I have a Wells Fargo account because I can be anywhere and find an office. But I have a credit union back home that I have my auto loan, mortgage, and credit cards through because better rates.

>>1562914
>what is share branching

>>1562593
If everyone moves their business to credit unions the fatcat 1%er bankers will learn a lesson and yeah. #Occupy r-right guise? Go Bernie yay.

M-maybe the general secretary will redistribute wealth

>>1562921
You're an idiot
All credit unions are capitalist models and work for profit.

Go back to /pol/