Banks vs. credit unions

While I know I spend plenty of time writing bank reviews about products, services and accounts available at the nation’s for-profit institutions, I’m going to draw some attention to the not-for-profit side of the banking industry today. The video above features some insights from Bill Cheney, the President and CEO of Credit Union National Association, on the differences between the two types of institutions and why you can still expect to find plenty of perks at credit unions.

Now, I’m not saying it’s time for you to abandon your account at Wells Fargo or Chase or whatever financial giant your money calls home, but I do think that credit unions are worth exploring because they can provide a more affordable banking experience for some account holders. If you’re a customer who is constantly draining your checking account to a low balance, though, chances are you’re probably paying some extra fees. Many banks have increased their minimum balance requirements and imposed additional fees for consumers because they need to make up for… Share and Enjoy: