Are You Fed Up With Your Bank?

Posted by CreditCardGuru

Are you tired of lousy returns on your savings account? Excessive overdraft fees on your checking account? Overall poor customer service at your bank? Or just worried about the financial stability of your bank? Well the solution is not to bury cash in your backyard! Instead you should look into the best-kept secret in banking; the credit union.

Unlike banks, credit unions are not-for-profit. Credit unions are also owned by the members (account holders) themselves. The members, regardless of how much money they have, each have one vote to elect the credit union’s board of directors. Interest rates and other policies are decided by these directors.

How many credit unions are there in the world? There was 46,377 credit unions in 97 countries at the end of ’06, and today there are even more. With so many credit unions in existence, it’s almost guaranteed there is at least one in your area you qualify to be a member of. In today’s mortgage meltdown, credit unions are a particularly useful place to find a mortgage with favorable terms if you are currently stuck in a high rate or adjustable-rate mortgage.

To learn more about credit unions we recommend you check out our friends over at the Bruen/Bensley Credit Union Blog. They’ve been blogging daily for 6 years now about credit unions and their blog is loaded with great advice.


-----
Editorial Disclosure: The editorial content on this page is not provided by any bank, credit card issuer, airline or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

3 comments... read them below or add your own

  1. Gipper December 7, 2008 at 9:26PM

    I’ve been using a CU for years myself. I knew this long ago.

  2. SCI December 5, 2008 at 3:03AM

    AND THE CREDIT UNIONS DONT NEED BAILOUTS EITHER!

  3. Jamie Bauer December 5, 2008 at 1:19AM

    I switched to a credit union 2 years ago and have never been happier. No more being thrown thru hoops and getting shaken down for every penny. I LOVE IT!

Leave a Comment

*