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5 pros and cons of credit unions

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Credit unions: Better than banks?
Credit unions: Better than banks?

As rising fees and scandals fuel misgivings about banks, consumers are turning to an alternative: credit unions. According to statistics from the Credit Union National Association, or CUNA, these not-for-profit institutions have gained 1.3 million new members last year to reach a record high of total members.

With more than 7,000 credit unions in the country, these institutions vary in size and services, according to the National Credit Union Administration. While there are plenty of perks to joining a credit union, there are some downsides, too. Consider the pros and cons of these five key offerings of credit unions before you become a member.

 

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