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The Benefits of a Credit Union Vs. a Bank

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Credit unions: Better than banks?
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Credit unions: Better than banks? | Hero Images/Getty Images

Credit unions: Better than banks?

As rising fees continue to fuel misgivings about banks, consumers are turning to an alternative: credit unions. According to statistics from the Credit Union National Association, or CUNA, 3.7 million people joined one of these not-for-profit institutions in 2015 to reach a record high of total members.

With more than 6,000 credit unions in the country, these institutions vary in size and services, according to the National Credit Union Administration, the independent federal regulator. While there are plenty of perks to joining a credit union, there are some downsides, too. Consider the pros and cons of these 5 key offerings of credit unions before you become a member.

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