Credit unions can be a viable alternative to banks as long as you meet certain conditions. In general, credit unions can perform many of the same services that banks perform, but there can be exceptions to this.
Credit unions are member organizations and this is the biggest difference between them and banks. When you join a credit union you, in essence, become a stakeholder in the institution. In the past, most credit unions were formed around certain professions or formed around certain employment bonds. Today, much of that has changed. The credit union is still a membership process but the bond can be anything from regional to religious. Many different types of groups now have their own credit unions, and finding one that you can join has never been easier.
According to the Credit Union National Association there are over eighty million Americans currently enrolled in credit unions. This huge number of participants is not a fluke. There are reasons why people choose credit unions over banks.
One thing you may notice about credit unions is that they do not advertise themselves very much. If you want to find a credit union that you may be eligible to join,...
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