Why are credit unions better than larger banks like chase and bank America?
- A HunchLv 72 months agoFavorite Answer
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.
- RICKLv 72 months ago
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.
- Anonymous2 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 WLv 72 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.
- kevinLv 62 months ago
Because they are non-profit and offer lower rates.
- EvaLv 72 months ago
Lower service charges, lower interest rates on loans and credit cards.
- samLv 72 months ago
Yes... Customers share in profits