Are there advantages to having a credit union as your financial institute rather than a bank?

there information in previous answers, though of not accurate.

credit unions owned members, , can accumulate capital retained earnings (the difference between income , costs). banks, contrast, can issue stock investors build capital. means takes years, decades, credit union grow large enough offer sophisticated financial services, such checking accounts , credit cards, banks can provide. comparison, bank can raise needed capital in few months.

cost of paying dividends stockholders means bank has charge customers more money credit union does. referred "lower cost of capital," , reason why credit unions pay higher rates savings, charge lower rates loans, , charge lower fees or no fees many of services.

credit unions allowed advertise banks do, , of them subscribers 1 or more of 3 major credit bureaus.

and, many credit unions have open "fields of membership" now, meaning pretty can join. in washington state, example, state-chartered credit union in financial standing can allow within state join.

expansion in membership eligibility began in 1980s when credit union regulators became concerned single sponsor credit unions might fail if business sponsored them went out of business. in other words, if had employee of eastern airlines join credit union, happen credit union if , when eastern airlines went bankrupt?

maximum interest rate federal credit union may charge on loan 18 percent per annum, , state-chartered credit unions have parity federal cousins. contrast, large banks can charge rate want locating headquarters in state such south dakota or delaware has no usury caps. how big credit card issuers manage charge 30 percent or higher aprs , export unconscionably high interest rates on country.

credit unions tend local businesses responsive members , communities. credit unions democratically controlled institutions - each member has 1 vote regardless of amount of money have on deposit.

credit unions more convenient used be. many belong nationwide atm networks not charge surcharges credit union members. , many credit unions participate in nationwide "shared branching" allows members hundreds of different credit unions conduct transactions @ participating credit union.

average consumer, choices , prices superior @ credit union.

i know if there advantages having money in credit union rather bank.

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