Personal Finance

Compare: Banks vs. Credit Unions

BanksCredit Unions
# of physical branches and ATMsMore (Pro)Less (Con)
Interest rates on loansUsually higher (Con)Usually lower (Pro)
Interest rates on checking and savings accountsUsually lower (Con)Usually higher (Pro)
FeesMore and higher (Con)Fewer and lower (Pro)
Insuring institutionFDIC (Neutral)NCUA (Neutral)
Amount insuredup to $250,000 (Neutral)up to $250,000 (Neutral)
Customer Service wait timesUsually longer (Con)Usually shorter (Pro)
Status of clientsCustomerMember
Tax StatusFor-profitNot-for-profit

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