Go to:

July 2018
< Jun Aug >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

Who is Better – Big Banks or Credit Unions?
Friday, May 24, 2013 6:30 AM

A recent Business Insider article put credit unions and banks head-to-head in the minds of consumers. The winner should come as no surprise – credit unions are increasingly popular in the world of financial institutions. But for those consumers still trying to make the decision between big bank or credit union, the article gives credit unions two thumbs up.

The article, “Credit Unions vs. Big Banks: Where Should You Put Your Money?” compares credit unions and big banks in four categories: accessibility, checking account fees, interest rates and customer service.

While accessibility was a draw (big banks have more branches and ATMs, but credit unions often reimburse members’ ATM fees), credit unions won by a long-shot in checking account fees. The article acknowledged that credit unions do offer much lower interest rates, but also stated that this factor may not be enough to convince people to switch over to a credit union.

Credit unions are known for their stellar customer service. However, the article points out that with the rapidly increasing number of new members switching to credit unions, it has become somewhat more difficult for credit unions to keep up, resulting in a slight dip. This said, the article stated that customer service satisfaction rates were still the highest for credit unions.

The end verdict? Credit unions. With fewer fees and more personalized service, the article says co-ops are the place to go.

To read the full article, click here.