The money also stays in the local community rather than going to wall street/private investors since they're not for profit. This means any "profit" is returned to the customers in the form of lower loan rates, credit card interest rates, and generally savings account rates that will be better than the average bank. Miscellaneous fees are also lower and I've found them more lenient on waiving fees too (like overdraft.) Members of credit unions can also usually vote on who runs the credit union.
They're not perfect as stated elsewhere in this thread, but I'm so glad to use them over some scummy bank. As far as I'm concerned, the only real downside is that some are really small, so they won't necessarily offer the same customer experience you'd get from the biggest banks. Things like online/mobile banking interface, turnaround times, customer service etc. Or, for example, if your account/card is frozen or you have some pressing issue at a weird time of day/night you won't as easily get help compared to a big bank who will have 24/7 service. But I have to say, every credit union I've ever used has had the absolute friendliest workers who seem to actually like their jobs compared to bank workers when I used them.
If you live in a larger urban area, the credit unions will likely be extremely comparable and will offer you all that you'll generally need, but it's something to keep in mind depending on your financial situation.
Finally, like everything, research the credit union. Some can be scummy like banks, or serve members in the worst industries . But ultimately, I always always always recommend them to people over a bank. We live in shitty capitalist society and banking is essential for the myriad of day to day functions, so I think it's wise of leftists to choose the option that won't funnel money to wall street who profit off shitty fees banks impose on the working class.
The money also stays in the local community rather than going to wall street/private investors since they're not for profit. This means any "profit" is returned to the customers in the form of lower loan rates, credit card interest rates, and generally savings account rates that will be better than the average bank. Miscellaneous fees are also lower and I've found them more lenient on waiving fees too (like overdraft.) Members of credit unions can also usually vote on who runs the credit union.
They're not perfect as stated elsewhere in this thread, but I'm so glad to use them over some scummy bank. As far as I'm concerned, the only real downside is that some are really small, so they won't necessarily offer the same customer experience you'd get from the biggest banks. Things like online/mobile banking interface, turnaround times, customer service etc. Or, for example, if your account/card is frozen or you have some pressing issue at a weird time of day/night you won't as easily get help compared to a big bank who will have 24/7 service. But I have to say, every credit union I've ever used has had the absolute friendliest workers who seem to actually like their jobs compared to bank workers when I used them.
If you live in a larger urban area, the credit unions will likely be extremely comparable and will offer you all that you'll generally need, but it's something to keep in mind depending on your financial situation.
Finally, like everything, research the credit union. Some can be scummy like banks, or serve members in the worst industries . But ultimately, I always always always recommend them to people over a bank. We live in shitty capitalist society and banking is essential for the myriad of day to day functions, so I think it's wise of leftists to choose the option that won't funnel money to wall street who profit off shitty fees banks impose on the working class.