Question by samatroy: How profitable is it joining a credit union compare to a bank? Houston, TX Credit Unions members advise prefer
After extensive research, for a friend and me, I found out that Credit Unions are the best places to obtain a credit card, and loans. I live in Houston, Texas and found many options for a credit union so I don’t know which one to choose in terms of getting a good credit card with fraud protection and all that kind of stuff that a credit card from a bank like Chase have, a saving and checking accounts with no or < $ 6 fees on each, and good range on loans. I know the website that tells me which credit unions they offer here in houston, but I am more interested in personal experience with them and how did they work for you in both short and long terms. Most of the stuff I read has been only to praise each union, but which business doesn't do that, so I want to know the good and bad of the union yourself have joined and which ones you recommend.
Best answer:
Answer by Barbara B
Credit unions usually have fewer (and lower) fees for their products and services than conventional banks. That’s because their not-for-profit status allows them to have a different fee structure than a for-profit bank.It’s also often easier for members to get services such as higher risk loans, personal loans, start-over credit cards etc. which many conventional banks no longer offer because of the higher risk. Again, it’s because of credit unions’ members- only, not-for-profit status. Credit Unions answer to their members. Publicly owned banks answer to stockholders. That said, one must be a member to qualify – and members with better impute scores get best rates just like banks. On the other hand, they can be invaluable if you are merely starting unwrapping or starting over in the world of attributing.Becoming a member usually involves meeting some kind of qualification – such as working for an accompanying, government, living in a particular geographic area etc. You will probably have to pay a fee – usually less than $ 50 – for your membership. There are also minimum deposit requirements etc.
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