adrian
Lv 4
adrian asked in Business & FinanceCredit · 2 months ago

Why are credit unions better than larger banks like chase and bank America?

8 Answers

Relevance
  • 2 months ago
    Favorite Answer

    They aren't.

    They may have lower fees for somethings but not everything.

    Typically the employees are no where near as competition as with national banks.

    Their service areas are limited.  Their tools for online banking are severely less.

    Source(s): Between business and personal, I have had accounts with credit unions, regional banks, and national banks. The national banks are always the best to work with.
  • RICK
    Lv 7
    2 months ago

    Better service

    Lower fees

    Higher interest earned

    Like your best answer I have also us e d Credit Unions,Local Banks, National and international banks.....For personal banking Credit Unions win by a mile...For business  banks are much better.

  • 2 months ago

    Larger banks like Chase and Bank of America are publicly traded corporations, so it's profits over people. They have a fiduciary duty to their shareholders and the customer comes last.

  • Anonymous
    2 months ago

    The account holders are the owners.   They are private, not for profit organizations not beholden to Wall Street. 

    What does that mean?   Better pricing and more ethical business practices. 

  • How do you think about the answers? You can sign in to vote the answer.
  • DON W
    Lv 7
    2 months ago

    Credit unions are set up as not-for-profit organizations whose sole mission is to serve their members.  Everyone who deposits at least a certain amount (typically around $25) is a member, and eligible to run for the credit union board of directors, the group that establishes policies.

    Banks are set up as for-profit organizations whose sole mission is to make profits for their investors.  

    As a result of this difference, credit unions typically offer better loan rates and services to their members.

  • kevin
    Lv 6
    2 months ago

    Because they are non-profit and offer lower rates.

  • Eva
    Lv 7
    2 months ago

    Lower service charges, lower interest rates on loans and credit cards.

  • sam
    Lv 7
    2 months ago

    Yes... Customers share in profits

Still have questions? Get your answers by asking now.