9 reasons to love credit unions (and not big banks)

by MoneyTalksNEWS

by: Allison Martin

While out and about, you may have passed by the local credit union without looking twice. You have no need for their services, right? Well, at least that’s what you thought.

Are you aware of how credit unions operate and what they entail? If so, you may be inclined to open an account at one close to you or even switch from your bank.

What exactly is a credit union and why is it better?

MyCreditUnion.gov defines credit unions as “not-for-profit organizations that exist to serve their members rather than to maximize corporate profits.” They operate similarly to banks, as they make loans to members and accept deposits.

So, why should I choose the local credit union over big boy banks?

1. Motives

The sole purpose for a credit union’s existence means that it should have your best interests at heart and not the bottom line of the institution. Big banks, on the other hand, are there to turn a profit and will seemingly do whatever it takes to meet their numbers.

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