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I've never been one to have someone handle my money for me so I've always wondered what the difference between a regular bank and a credit union is?
 

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I've never been one to have someone handle my money for me so I've always wondered what the difference between a regular bank and a credit union is?
I would continue to hold your own money if I was you. But to answer your question, Credit Unions are member owned, therefor when you put money in you are essentially buying in. I have accts at many banks (minimum balances) that I use for my CRH hobby. The banks are more impersonal and profit minded than the CU I belong to. HH Mark
 

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Credit Unions are insured with an agency similar to FDIC. I like Credit Unions a lot more. Very personal in my experience.
 

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In my opinion, credit unions usually are less technologically savvy, have less valuable services like say I couldn't pay my credit card with my online banking or transfers that are typically available at a bank or I couldn't use overdraft protection for my account on the CC. Also, credit unions tend to charge a higher overdraft fee which leaves many accounts who don't realize they are overdrafting absolutely devastated.
 

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It's all according to the credit union. The credit union that I am a member of has a lower overdraft fee than any bank around. You can even set your account up to take money from your savings automatically to keep from overdrafting. So far, the loan percentage rates are a lot lower as well.
 

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The following thread does a pretty good job explaing the differences between banks and credit unions.
Credit Union Vs. Bank

Each bank and credit union is owned and managed by different groups of folks. Some don't provide a s good of service as others,some are not astechnologically advanced as others. They all have their own temperaments, personalitites and philosophies. So find a banker that is knowledagble, honest and someone you can build a relationship with.
 
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