Redpill me on "Credit Unions". I met two people this

Navy Fed is a pretty goof CU, most of their rates are low, since you have to be military or be related to someone who is.

Not sure about others.

>>1805061
not really any different from a bank
some of us just prefer to avoid big banks

>>1805061
I don't know if this is the case for all credit unions, but in my experience, mine has better interest rates, lower fees, and friendlier service than most banks around here. I think the idea is that it's only as powerful as its users, so they have a more "by the people, for the people" attitude in how they're run.

I was referred to a mortgage broker at a credit union, but I was greeted by a homosexual when I went in and didn't give them my business.

>>1805118
Lol

>>1805061
Credit unions don't have investor branches like the big banks do. Although technically big bank investor branch is supposed to be quarantined off. So rep selling mortgage backed securities wasn't supposed to know that all the properties he was selling were defaulting or close to defaulting.. tldr just watch the big short explains it better. Credit unions only have the retail banking dudes so they're better I guess

>>1805061
Credit Unions have much less regulation compared to banks. They're also self insured as opposed to the banks with the FDIC because of this. Contrary to popular belief in the internet, there are just as many scummy credit unions as there are banks, and the small to medium sized ones do fail quite often, they just pitch it as a merger or something similar.

What you choose really depends on what your banking needs are in general.

>>1805061
>but they care about you for some ambiguous reasons.

Traditionally credit unions were inside businesses. Everyone who put money into savings and everyone who got credit was an actual member of the credit union. Since legally it is a cooperative, the members are the owners and elect officers among themselves. So they care for members since they literally own and control the "bank". Cooperatives are usually very democratic - one member one vote, regardless of how much money is on the line for you. So big fish don't have much of a say. And since their legal purpose is furthering the interest of their members they are not for profit. Instead they just offer better rates and conditions to members. It's a very old brilliant way of people taking care of themselves. Local farmers would open a credit union and lend each other money as they needed it. They were never meant for large-scale business with strangers.

These days it's a lot more murky. The credit unions of old became successful, grew larger and larger and started doing outside business. Today a lot of them (at least the big players) are basically retail banks, some not even legally cooperatives anymore, just in name.

>>1805061
Credit Unions typically deal with payroll and the paying of employees through a company's account.
A lot of them are involved with government agencies and their finances.
Credit Unions and thrifts are taxed differently.
They're essentially another instrument that work ALMOST identically as banks. So you're right in a way.
Also, they get federal incentives, and I can't remember, but they may be insured differently.

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>>1805118
This is a good point.
I moved residences last year, and the only branch near me has a tranny, literal nigger, faggot working the window. Pisses me off, that I resent going to the bank.

>>1805245
>What you choose really depends on what your banking needs are in general.
How do I make that calculation?

>>1805079

this

>>1805291
This guy has at least the theory behind it right.

>>1805339
Jeez, literally every bank in my town regardless of brand is staffed by fine bitches almost exclusively.

>>1805074
>tfw free ATMs in every 7eleven
>get my money and buy a 40 at the same time
Haven't been to an actual branch in months.

Credit Unions can potentially be really local and it's nice to support local brick and mortar businesses. NCUA is not private it will absolutely function the same as FDIC. The only place you'll get better rates is online