Banks vs Credit Unions 🥊💰 #shorts

Did you know that there’s a difference between banks and credit unions?

Banks are ‘for profit’ financial institutions - they aim to make money for shareholders. Credit Unions are ‘non-profit’ organizations, which means they aim to provide the best service to their members.

Credit Union Pros:
➡️ Lower fees
➡️ Higher saving account interest rates
➡️ Lower loan interest rates
➡️ Typically better customer service

Bank Pros:
➡️ More in person locations
➡️ More ATMs
➡️ More products
➡️ Better mobile banking apps and online services

Consider credit unions if you’re looking for somewhere to keep your money!

#shorts

[canpin]

Been using credit unions for many years now. Save loads of money from Fees.

[DekeRadio]

I've been a member of a credit union since 1996, and in all that time I've yet to hear one argument in favor of using a bank.

[nala]

Stop looking at banks. Stop depositing in banks.
Middle class
Americans are better off using Credit Unions.
Credit Unions are
owned by their depositors. Interest paid exceeds your local bank,
insured for the same amount as the bank.
Normally interest charged is lower than banks.
Use bank reward cards, carry no monthly balance.
Let corporations
and the rich fiancé your rewards.

[SEEKANDSTREAM]

i just recently open a credit union man i should have done this a long time ago

[nathanjw]

Credit unions actually have more branches and 🏧 through shared branching that are in all states not just a region

[tenzackyogi]

In my blue state, banks and Credit Unions are running for profits . Over draft fees are same of course. Despite few differences, it doesnt mean credit Union is the best. I think mostly red states have more dominant on Credit Union in compare to commercial bank. Keep in mind, Credit Union has high restriction based and criteria to be membership.
Even if you dont meet the criteria, you can be member but you will get expensive fees & overdraft fees somehow. Recently I compare mortage fees of both remains to be same(FCU and banks).

[camillegroulx]

Thanks for the video. I have never known about this, but I kept wondering about the differences between those two. What are some of the most famous, most stable, oldest and largest credit unions in Toronto?

I will start closing my bank accounts and consider putting my money on the credit unions instead.

[lawnakate]

I’ve been looking at credit unions but the reviews for the few I’ve been researching are throwing me off but at the same time I’m aware some of them could be fake. It’s hard because I’ve been burned by my current bank.

[Kieth.SunnyKing]

Online and offline, what credit union will you recommend? Either in Minnesota or across the U.S..

[thoryan]

Be careful with taking out debt from credit unions if you also keep money there. Many (if not all) credit unions will make you sign over a security interest in your deposit account as collateral for a loan. Whatever interest you might save on a loan is honestly not worth this.

Luckily, I never took out debt from my credit union, but I would have never bothered getting a deposit account with them to begin with if I had known that credit union debt is a scam.

[taylordnd]

someone should tell my credit union that they're supposed to have *less* fees than my bank

[richardball]

Credit unions aren’t giving any great rates on checking and savings accounts anymore due to FJB economics