A credit union is a cooperative financial institution, owned and controlled by the people who use its services. The difference between a bank and a credit union is that credit unions are non-profit institutions and are not in business to make a profit like regular banks.
You have a number of ways to save, invest and keep your money safe. The best thing for you to do is educate yourself and do the proper research to find the options that will benefit you personally and financially.
Check out the different interest rates (the rate that is paid to you for the use of your money while it’s in the bank) and make sure they are competitive with other financial institutions. You will also want an institution that is located close to your home or place of employment. Investigate what types of fees they will charge you – is checking free, what is the overdraft penalty if you write a check without sufficient funds in your account, what is the minimum balance requirement?
Also, visit the banks you are interested in doing business with. The staff should be professional and courteous. Ask your friends and family where they bank and if they are satisfied with their banking experience. This is a big decision and you don’t have to give your money to a financial institution that has poor customer service or limited hours of operation.
When it comes to your money you should be diligent and informed, not nonchalant. Your money deserves your attention and respect – after all, you earned it and should want to maximize its potential.
“This article is an original work of KOFEtime.com a product of Consolidated Credit, a national non-profit credit counseling agency.”
