Best Answer: On the upside, credit unions consistently get high ratings on consumer satisfaction surveys because they offer personalized, courteous service to their members. In addition, credit unions typically have fewer and lower fees than other financial institutions. Rates on savings and loans vary, so you should check out the credit unions in your area. Most of the time credit unions are competitive with the other local financial institutions.
The downside is most credit unions do not have lots of branches. If you are the type of person who needs to go into the credit union office frequently, you will want to take this into consideration. I belong to a credit union, but I rarely go to the office because they have a telephone response system, online banking, and offer ATM cards. I take care of everything using these methods. I
can't remember the last time I needed to go into the office.
Even though they may not have as many branch offices as other financial instutions, many credit unions that offer ATM cards are part of a national network which allows people to access their funds at lots of machines located throughout the country without incurring extra fees. Some credit unions are part of a shared branching program which allows members to take care of transactions at other participating credit unions or service centers.
The biggest advantage to you as a consumer is having another option to choose from in the financial services marketplace. I encourage you to check it out to see how the credit union compares with your current financial instution and make your decision from there.
Mel M · 8 years ago