There are a lot of options that we have when dealing with financial services and it is important that we should know what kind of service would be the best for us. Using a bank can make us feel secured when we need to have a place where we can store our money that is why there are about 95% of the population in the US nowadays that have a bank account. Banks can be quite trustworthy especially when it is a large organization but we should also know that there are credit unions that can be trusted and we may also be able to have a lot of benefits from the services that they offer. There are also some services from credit unions that we would be able to utilize that are quite similar to what we can get from banks that is why it would also be great if we can use their services. Aside from keeping our money in banks, we can also get a loan or a mortgage from them where we can get a certain amount of money that we can use for other expenses like buying a car, a house or sending our child to school. There are a lot of ways that banks earn money by handling our money as they have fees for every transaction and they also get an interest for the money that people borrow from them.
Credit unions are a lot smaller compared to banks but they also have the same functions which is why we can still utilize their services the same way. Members of credit unions have a certain kind of control on who is going to manage it or who is going to take control of its operations as well as in how the money that it has would be handled. The money that banks handle are much bigger compared to credit unions which is why they can afford much better facilities as well as the technology that they use for their operations and in providing the proper customer experience that their clients need. We can protect our money much better in credit unions because they have lower fees in their services as they are not limited by any investor. The interest rates that they have in their loans or credit services are also much lower that is why we should also consider these things when getting the services that we need. But we should also know that we can get a much bigger loan in banks as credit unions would have a lot less resources compared to them.