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. Credit unions also have the ability to offer lower competitive interest rates on long term and short term loans. They also provide higher interest rates in savings accounts. With the information gained on this institution I will be able to make more educated decisions on where my money is stored. In some cases, credit unions are the more intelligent choice when it comes to saving but when it comes to credit cards they lack in some areas compared to banks. Credit unions may have low interest rates but offer lower rewards for purchases with the card. If in the future, I plan to gain and save a massive amount of sky miles I would not go with a card …show more content…
Credit unions are becoming more popular with more rural individual. This means that more community credit unions are being built nationwide providing jobs to those areas that were previously unable to sustain a larger bank corporation branch. The implementation of more credit union also provides Americans with safer places to store their money that is federally insured. The money that is placed within the institution is a source of income for the economy by credit unions gaining revenue throughout the year and having to pay taxes on that revenue stimulated the economy and increasing the