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The Pros And Cons Of Credit Unions

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My dad has been teaching me the benefits of saving money and the disadvantages of spending money since I hardly knew what a dollar was. I’m 31 years old and to this day, I still get told what to do with my money. When I was 16 years old, I attained my first job. Soon after, whether it was because I was spending all my money on “cool” car parts or my dad just wanted to show me early how to save money, he took me to a local credit union to become a member and since then, I’m a member of the same credit union, and two banks.
The great thing about credit unions is that it offers a variety of banking services to its members. Whether you want to take out small loans, large loans, or just open a savings account, the option is there. A few other reasons to use credit unions is because they are non-profit, member-owned and they are exempt from paying federal income taxes. The downfall to credit unions is, there are very few branches compared to banks. Also, there’s limited access to ATMs. Personally, I don’t know if I’ve …show more content…

It’s quick, easy, and very convenient to grab some money on the run. I have another bank account with a different bank due to their low interest rates on mortgages and automotive loans. This is usually not the case when it comes to credit unions vs banks. Most of the time, credit unions offer lower interest rates on loans. Due to some credit unions acting as big banks and community banks trying to give back to the local population, there can be exceptions to the rule.
As for now, I’m very comfortable with the banks and credit union I have. Exploring an S&L at this point isn’t an option. What they are mostly known for is providing home mortgage loans. As I previously stated, my mortgage is through a bank. The reason I wouldn’t consider getting a mortgage through an S&L is because they are particularly vulnerable to housing

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