ipl-logo

Banks Vs Credit Unions Essay

538 Words3 Pages

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 …show more content…

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

Show More
Related
1163 Words | 5 Pages

In her memoir, Warriors Don’t Cry Melba Beals discusses her experience with integrating Central High School, where she experiences harsh treatment. The vivid details provided in Warriors Don't Cry make for a good book because it allows readers to experience the mistreatment Little Rock Nine had to face. Initially reading Warriors Don’t Cry, I thought that the book would lack detail to help protect the identities of those who harmed Melba. However, when I continued reading I began to feel as though I were experiencing integration with Melba. My emotions would go from being excited to being angry.

Read More
796 Words | 4 Pages

• As the lending industry becomes more structured in the US and worldwide, it is likely to affect credit unions, which would need to invest more in compliance training (Summit Credit Union,

Read More
1095 Words | 5 Pages

Cross-selling: Credit unions can increase customer happiness and profitability by cross-selling additional products and services by having a thorough awareness of the financial requirements and preferences of each customer segment. 2) What products / services would you think about promoting? A detailed examination of Riverside Credit Union's consumer categories, market trends, and competitive environment would be required to decide which goods and services should be promoted. These potential goods and services could be promoted as a result of this analysis, including: 1) Savings and checking accounts: Savings and checking accounts are the main deposit products that the majority of credit unions provide, and they are crucial for luring and keeping customers.

Read More
435 Words | 2 Pages

In The Bell Jar Esther journeys from one location to another. Her expedition is predominantly an innermost one, within the self and superficially to the world. Her ailment is a result of the world surrounding her. Conversely, Esther’s estrangement is not individually concerned, but a feature of existence. Yet, it is when she comes home after not having been accepted to the writing course that her mental and carnal fragmentation fundamentally ensues: “All through June the writing course had stretched before me like a bright, safe bridge over the dull gulf of the summer.

Read More
486 Words | 2 Pages

My parents always asked my brother, "How are you going to afford college with a McDonald 's salary?". College is expensive; every year we hear about the enormous amounts of loans college students will have at the end of the year. Due to this, society should encourage and keep allowing juniors and high school seniors to take Dual Credit classes in Pflugerville schools. Although scholarships and grants alleviate some of the costs, the amount of loans that students take out is very high; in 2010 "[student loan debt] outpaced credit card debt" (38).

Read More
334 Words | 2 Pages

Student loans is the second highest source of debt of $2.1 trillion dollars in the U.S. economy right now. This student loan debt is not only affecting the entire economy as a whole. In America, people believe that earning at Bachelor’s degree is the key to success in order to be financially secure be set in life. However at the same time, the cost of tuition has skyrocketed, and the borrowing of loans rise with it. The rising of student loan and debt will reduce consumption, lower investing, lower the rate of home ownership, and overall make it difficult to sustain financial stability.

Read More
1548 Words | 7 Pages

University students have felt the pressure of crippling debt after college. Over the years debt rates have exponentially increased over the years when students have been increasingly applying for colleges and universities. Unfortunately, statisticians have noticed that the more students apply for student loans the more money the for-profit colleges end up getting the money. Students do not get the help they need after college to be able to pay off their loans because they do not know how to pay off the student loans in a way where they can still provide for themselves. Students who are not fortunate enough to be born into a good financial situation often have to pick a safe school that might not be able to abstract their potential to be successful

Read More
280 Words | 2 Pages

In order to see the impact that student debt has on starting these small business’s, it is noteworthy to keep in mind that a considerable amount of capital is required. This is where student debt comes into play with a negative impact. As the cost of education rises many

Read More
1264 Words | 6 Pages

Kids looking to buy a house or apartment might have to buy an apartment that may not be the best option but is the cheapest and the best financial decision for them to make at that moment in time. College debt coming from student loans has risen in the most recent years. A study done in 2016 revealed that the graduating classes cohort is burdened by an average of roughly $30,000 in student loan debt, while the national total has surpassed $1.2 trillion. A figure that most claim represents an economic bubble that could have very negative effects on future generations (Webber). These numbers are making people worried for the future and are putting the likelihood of people attending and graduating

Read More
546 Words | 3 Pages

The area of financial institutions that I have found to be the most informative is credit unions. I understood that there were differences between banks and credit unions but was unable to decipher what the differences were. What I have learned is that credit unions are owned by the members that they serve. The majority of credit unions are not-for-profit centers that believe in providing low cost financial services and giving unmeasurable customer satisfaction to its members. Credit unions do also maintain a sense of elite status being that to gain membership in a union you must meet certain criteria for that specific credit union in order to gain membership.

Read More
462 Words | 2 Pages

Taking out numerous loans could only set someone back financially even further. By the end of it, the rewards may be much less than what he had expected. The economy is forever changing and unpredictable; In fact, “since 2000, America’s young college graduates have seen wages adjusted for inflation, deteriorate” (Source C). For low and middle income families, this could be a risk they could, quite literally, not afford to make. The initial shock of a hefty sticker price on a university is jarring to families during the decision process.

Read More
1437 Words | 6 Pages

Society often believes college is a necessary experience for a better future, but I argue that the future will not be any better when student debt becomes a part of life for those who follow that mainstream belief. Most parents often dream of the great colleges and universities that their children will get accepted into; however, they fail to think of the cost to attend those institutions. Financial aids! Financial aids! Yes there are financial aids that students can apply to lessen the student debt.

Read More
533 Words | 3 Pages

So many student borrowers are falling further and further behind in their payments, postponing purchases of cars and places to live, or putting their social lives on a shelve. Jason Delisle, who wrote the New America paper, “blames skyrocketing graduate school debt on changes to federal loan programs that essentially allow grad students unlimited borrowing. The more students can borrow, the more schools can charge.” Americans almost universally believe that a college degree is the key to success and getting ahead—and the data shows that, generally speaking, college graduates still fare far better financially than those with just a high school diploma.

Read More
771 Words | 4 Pages

College is one of the most important and life changing times in the life of an American. Leaving high school behind and venturing out to the adult world is an amazing experience that every individual should experience. However, young adults from every corner of the country leave college with crippling debt or do not go to their preferred college of choice. College education should be cheaper as it will help families and students financially and give them the satisfaction with having the opportunity to go to their first choice for college.

Read More
585 Words | 3 Pages

Student loans have always seem to be a controversial topic. Many people are in agreement and disagreement over the opportunity to student loans. Student loans can be a great advantage to many students, but it can also drown them in an immense debt, that will follow them for many years. The more we analyze this perspective, we are able to distinguish the advantages and disadvantages of student loans. There is a variety of perspectives on student loans, some involving annual salaries, interest rates, and commodity.

Read More

More about Banks Vs Credit Unions Essay

Related Topics

Open Document