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.

 

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