Credit unions operate under a different business model than banks. At a credit
union you are a member while at a bank you are a customer. I worked for a check
printing company and the amount of money that banks charge to their customers
for checks and other services was always higher than credit unions. The bigger
the bank, the more you pay. That's why I'll only ever do my banking
through a credit union.
Banks pay dividends to their board of directors. They also pay higher salaries
to management.Credit Unions pay dividends to their members --
regular folk, so to speak -- and their board of directors are all volunteers.
The work to keep overhead costs low and pass the savings on to their members.
Customer service is, in my experience, always great.Been a fan of
credit unions for over 30 years -- checking, savings, CDs, car loans, house
loans -- I'll never go back to a bank.
I will never bank with a bank, credit unions all the way.
Problem is there are so few true CU's anymore. More and more now it's
just a few mega-bank CU's hiding behind their tax exempt status paying
large executive salaries, taking "business" retreats to Europe, and
basically just loaning to the rich and businesses...pathetic.
Why do people still use banks instead of CU's? How are banks still in
business? Somebody give me one reason why a bank is better than a CU.