Credit unions might not always be a better choice than faceless multinational banks

first_imgby: Nicholas PellAny time you read about credit unions, you probably hear about how much better they are than banks. They offer, it’s said, unparalleled benefits to members when compared alongside the big, corporate bank you’re using. But are credit unions always better than banks? The answer is no, they’re not. But who are credit unions right for? And who is better off using a bigger, multinational bank?The Benefits of Big BanksMike Sullivan, director of education with Take Charge America, says these days he does most of his banking with credit unions. But when we asked him to talk about this topic, he started wondering why he used credit unions and asking himself if that had always been the case. He realized that when he traveled more, he did more of his banking with bigger banks. “I liked that if I showed up in Tokyo or London I could find a branch,” he said. “I could get help with financial affairs when I needed it.”John Heath, managing attorney with LexingtonLaw, agrees that national banks offer far more in the way of convenience than local credit unions. “There’s a major convenience factor when you’re traveling, whereas credit unions tend to be local.”Sullivan is quick to note that this rule of thumb applies to more than just international travel. It also applies right here in the states. “If you travel in the U.S., you’re more likely to find a branch of Citi or Chase than you are your local credit union,” he said. He concedes that this is one area where bigger banks get a win over credit unions but also over smaller community banks. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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