credit unions

5 pros and cons of credit unions

Checking » Credit Union » 5 Major Pros And Cons Of Credit Unions

Dodge minimum balance rules
Dodge minimum balance rules

Pro: Accounts have fewer strings attached.

While many account holders at banks have been forced to adjust to higher minimum balance requirements, 72 percent of the institutions surveyed in the 2012 Bankrate Credit Union Checking Survey had no minimum balance requirements to avoid fees.

Con: Accounts have fewer bells and whistles.

Richard Hunt, president and CEO of Consumer Bankers Association, says larger banks have greater resources at their disposal than credit unions. Hunt says these resources give big banks the ability to make investments in emerging technologies such as mobile banking apps.

While credit unions may lack some of the newest services and features, McBride says the lack of the newest tools should not scare away consumers.

"They may not be on the cutting edge, but they can still meet the financial needs of most people," McBride says.

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.21%  0.05 4.16%
15 year fixed 3.27%  0.02 3.25%
5/1 ARM 3.51%  0.13 3.38%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.29% --0.00 4.29%
50K FICO-based HELOC 4.04% --0.00 4.04%
100K FICO-based HELOC 3.89% --0.00 3.89%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.79% --0.00 2.79%
48 month used car loan 2.98% --0.00 2.98%
60 month new car loan 3.24% --0.00 3.24%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.95% --0.00 0.95%
2 Year CD 1.16%  0.01 1.15%
5 Year CD 1.75%  0.00 1.75%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.75%  0.03 15.78%
Cash Back Cards 16.45%  0.03 16.48%
Low Interest Cards 10.96% --0.00 10.96%
 
Next
advertisement

Blog

Holden Lewis

What are HUD’s priorities?

The new housing secretary delivered his first major speech since taking office. What's his top priority? He doesn't say.  ... Read more

advertisement
Partner Center
advertisement

Connect with us