Pros and cons of consolidating bills

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However, credit unions differ from larger banking chains in two distinct ways: Because of this ownership structure, potential members have to meet membership requirements that vary depending on the credit union’s objective.

For example, a corporation’s credit union may only accept employees and their immediate family members.

If you pass the membership requirements, credit unions have a lot to offer over a regular bank: Credit unions offer more bang for your buck over traditional banks.

They typically pay higher interest rates on all deposit accounts including savings, money market, and checking accounts.

But these institutions also have disadvantages which may make them unappealing to some banking customers.However, due to the unique membership structure of a credit union, all members have an equal vote in any decisions made by the credit union, and they all work to serve one another.In other words, member goals aren’t at odds with “management.” Therefore, the credit union has more incentive to provide low rates, fees, and great customer service. When I visited, I always got help right away and my teller not only remembered my name, but recognized me on sight.Many credit unions even assign one person to work with you.If you visit the branch often, you can develop a working relationship and often receive personalized service from the same person – something large banks have a hard time offering.

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