Banks Vs Credit Unions Essay

With debate between banks vs. credit unions it is imperative to acknowledge the beneficial differences and qualities each company has to offer. Depending on one’s financial state and situation can impact their readiness for opening a checking account. Having a checking account is purposeful in accessing, saving, and receiving payments for one to utilize their finances. Recognizing a few slight and valuable differences can easily influence the decision of allowing a bank or credit union to aid one’s finances. In referring advice to a friend, I would influence them to open their checking account with a credit union. Through simpler regulations with fees, lower interest rates, and communal attributes, credit unions are better suitable for young adults who are beginning to organize their finances. When opening up a checking account, credit unions offer an affordable and feasible option. Unlike credit unions, traditional banks require a minimum balance on a checking account and a couple fees for setting

Between education tuition, finding an apartment or home, and purchasing expensive machine-driven products, there will come an overwhelming cost. However to subside some of the stressful purchases, receiving loans can allow one to make smaller payments over time to compensate for the final bill. Being a “not-for-profit” company, credit unions offer loans and credit cards with lower interest rates compared to national banks. Having lower interest rates can influence the final bill of an expensive product and is especially more affordable for young adults. In addition, credit unions are more willing to open up loans. Banks are more difficult for offering loans due to a variety of eligibility requirements and regulations. Along with easy access to creating a checking account, having more availability allows create a loan adds to the simple and accessible procedures of a credit