I’ve only been a credit union member once. I enjoyed it until they closed down my checking account for overdrawing it too many times. Completely my fault, of course.
But, credit unions had a stigma in my mind after that. But I have a friend who swears he’ll never go back to a bank after having been a credit union member. He’s not alone. Credit unions are popular and seem to be growing more so each year.
She writes a little on their history and how, surprisingly, credit unions have been around for a while:
“In any case, the idea of a cooperative effort to make financial institutions more accessible to the poor and lower middle class, and to the rural, began in Europe in the mid-1800s.”
She then describes what it means to be a member of a credit union:
“Credit union members are supposed to share common characteristics. Some of these characteristics can include living in a specific geographic area, belonging to the same workplace, or attending the same university.”
She concludes with a few tips on where to find information on credit unions in your area as well as credit unions following the online/virtual banking model like ING.
Do you belong to a credit union? If so, do you feel service the is better? I’d like to hear your opinion on the credit union vs. bank argument.