My bank isn't my only option?!
So what’s all this hype about the difference between banks and credit unions? More importantly, should I take the time to care? Your answer should be a resounding YES! To many young adults there is only one type of financial institution that exists, and that is a bank. Truth is, there are different types of financial institutions but the two types that you’re most likely to deal with are banks and credit unions.
So why should you care about the difference between belonging to a bank or credit union? Well one of the simplest and most important reason is, credit unions give you a voice. In the credit union world you have a say in your financial institution because you are an owner.
While this may not seem like much to you right now, one day, you’ll need to invest your money, buy a car, buy a house, pay for your children’s education or even start a business. A credit union is the perfect aid for for you because as an owner, no matter what your age is, you’ll get the respect you deserve.
I don’t know about you, but I hate it when I walk into a business and am not taken seriously because of my age. While I know I still have a lot to learn and that I lack experience, I still want to be valued by the businesses and institutions I interact with.
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The next time you are frustrated with your financial institution, keep this difference in the back of your head and take a second to consider a credit union. You might be surprised at how many other differences you notice right off the bat.
Until next time,