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| *Loan,banking and credit>>>bank account |
Should I open a checking account at a credit union or bank? |
I get mixed reviews about both institues. A bank...your funds are not protected by the FDIC at a credit union. Your credit union cannot do business alone, your work all must go thru a real bank anyway (they must send all their work every night to a bank to process because they are not allowed to do business with the federal reserve). Also, and this is the kicker for me, a credit union used to be availiable to service specific individuals who did not have an access to a bank, so they were granted special rights and all the money they made was not taxed by the government. Now today credit unions do as much business as banks, they make just as much profit and they pay ZERO money in income tax on their profits...to me this means that if I paid $1 in taxes on my income last year, I paid more than a credit union. Why would I take my money somewhere that was making money for free on me...at least a bank must pay as much income tax as I do! Personally, I like credit unions. They are smaller and helpful in ways big banks can't be. And a lot of large banks are owned by foreign companies and I don't care for that. My credit union lets me use any ATM that is a regular one (not ones in convenience stores) and they pay the fee. Credit Unions are usually a better deal for their members as for the most part are a little easier to deal with. The more services used and money you put into the credit union will help with getting loans, mortgage etc. banks are more profit driven and are usually a little harder to deal with. they are far more careful in loaning money and giving mortgages. personally I had a bad experience with a credit union but it had grown rapidly and was setup for people who made over $60,000 a year, rather than the regular worker. Others I have looked into were better with their customers than the bank or trust companies. Either one is ok. I've worked with both. I found when I first moved to my current state, I had trouble getting an account with a bank because my ID had not been changed over yet. I went to a local credit union, and brought a pay stub with my local address on it, and they were much more accomodating. They also gave me instant access to my money. The banks were less willing to do that. Also, credit unions may not be FDIC insured, but they are by the NCUA (National Credit Union Association), which is a government agency, and insures at least $100k just like the FDIC. I also think credit unions are more willing to work with you when you need loans or other assistance. |
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