Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Anyone know the diff between bank and credit union

I was looking to get a loan, I have read that a credit union is better in a lot of ways!! Does anyone work at a bank and agree or work at a credit union and disagree or vise versa? Does anyone have a loan through a credit union and what are they like with your credit score?

Answer Question

Asked by determind at 7:32 PM on Oct. 25, 2008 in Money & Work

Level 1 (0 Credits)
Answers (5)
  • MSN money article on Banks vs. Credit Unions

    I have my autoloan through my credit union... it was cheaper then the normal auto lenders at the dealership.  I'm paying 3.5% (I got it back in 2004).    They still look at your credit rating and tier the rate they offer you based on your credit.


    Answer by Serafyna at 7:43 PM on Oct. 25, 2008

  • i think bank's charge fee's for every moth and atm use and taking it out of your savings account i personally like my vystar credit union better than banks but thats me.

    Answer by ldw5108a at 10:05 PM on Oct. 25, 2008

  • Well I work for a bank. the loans are based on the interest rate and credit score. is a bank better than a credit union? it depends on your situation. I have loans at both my bank and my local credit union. and I choose that based on the interest rate I was getting.

    Answer by kaidensmommy1 at 3:10 PM on Oct. 26, 2008

  • Credit union's are generally non-profit where banks are for profit. Most of the time you have to belong to something or work at a certain place to join a credit union or be someone's relative.

    I had both an account at a bank and credit union. I closed my bank account because they charged me every month to use it.
    I love my credit union! No fees, free checking, special member discounts,etc

    Answer by jrdnjstn00 at 9:25 PM on Oct. 26, 2008

  • Credit unions pay you higher interest on your money, and generally charge lower interest on loans.

    Answer by nanaevelyn at 2:33 AM on Oct. 27, 2008

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.