Credit Union vs Banks

[tony]

Which do you prefer? I ask because I've had horrible service with banks but have been with my Credit Union since I graduated high school and have nothing less than stellar service for them. I recently started my own business and could not find a credit union for that cater to businesses so I decided to try Washington Mutual and things are working out so far. So which do you prefer?

[Admin]

I definitely prefer credit unions over banks. I bank at Wescom Credit Union in Southern California, and they provide amazing customer service.

[Marik]

Washington Mutual can provide amazing Services too,they can make 30-second online response when you apply,and that is $0 fraud liability on unauthorized purchases

[justcallmebroke]

Up until recently, I was a member of a credit union since my teen years. I think it is easier to get a loan from a credit union than from a bank. One thing I don't like is that the interest rate for a credit union savings account is usually lower than that of a bank.

[Lisa Marie]

I, too, am a big fan of credit unions, if for nothing more than lack of stockholders who decide where my money is going.
It is a bummer that the savings account rates are less, but I like to put money into CD's and Index Funds. If you shop arounf for CD rates, you can get some good deals- usually from the smaller banks.

[Jenita]

Tension has always existed between credit unions and banks. When credit unions were first organizing in North America in the early twentieth century, the banking industry was opposed to it, and has remained so ever since. These tensions have only been exacerbated as many credit unions have grown, expanded their fields of membership to include large communities and whole states, and in the eyes of some, are indistinguishable from bank. Credit unions maintain that no matter their size or field of membership, the fact that they are owned by their members and not shareholders makes them fundamentally different than banks, and therefore continuing to deserve their non-profit, tax-exempt status.