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)
Minimum balance for accountsMaybe (Neutral)Par value of a share -between $5 and $25 (Neutral)
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
OwnersShareholdersMembers

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