When handling our finances, it is important that we should have the proper knowledge of all of our options as it can affect our financial stability. Using a bank can make us feel secured when we need to have a place where we can store our money that is why there are about 95% of the population in the US nowadays that have a bank account. Banks can be quite trustworthy especially when it is a large organization but we should also know that there are credit unions that can be trusted and we may also be able to have a lot of benefits from the services that they offer. There are a lot of us that have heard of credit unions but do not have the proper knowledge of how they operate that is why we have not been able to utilize what they have to offer. Aside from keeping our money in banks, we can also get a loan or a mortgage from them where we can get a certain amount of money that we can use for other expenses like buying a car, a house or sending our child to school. There are a lot of ways that banks earn money by handling our money as they have fees for every transaction and they also get an interest for the money that people borrow from them.
Credit unions are similar to banks but we should know that these organizations are owned by its members unlike banks that are owned by its investors. People who deposit in credit unions would have a certain kind of control in its operations which can be quite interesting for a lot of its depositors that is why there are a lot of people that are depositing their money in these institutions. Banks are a lot more usable for a lot of us as they have a much more advanced technology compared to credit unions because they have a lot more resources. We can protect our money much better in credit unions because they have lower fees in their services as they are not limited by any investor. The interest rates that they have in their loans or credit services are also much lower that is why we should also consider these things when getting the services that we need. But we should also know that we can get a much bigger loan in banks as credit unions would have a lot less resources compared to them.
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