Credit Unions are banks that are member owned. Profits are shared with membership in the form of dividends. They also offer way better interest rates to members in good standing and have a lot more leniency about basically everything. Hell I fucked up my account number on a payroll form once and they called me like 3 months later (I had been getting paid the entire time) saying that I needed to update my number with my employer because they were having to manually deposit the money every time it got dinged.
I got locked out of my online account once and called the help line which just connected me to the teller I know on a first name basis who was able to fix it immediately.
They just operate so much better of you're an individual. It's so nice to actually be able to go talk to someone and not just be blown off or told to call another line.
Commercial banks engaged in approximately five times more subprime lending relative to credit unions leading up to the financial crisis of 2007–2008 and were two and a half times more likely to fail during the crisis.
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Credit Unions are banks that are member owned. Profits are shared with membership in the form of dividends. They also offer way better interest rates to members in good standing and have a lot more leniency about basically everything. Hell I fucked up my account number on a payroll form once and they called me like 3 months later (I had been getting paid the entire time) saying that I needed to update my number with my employer because they were having to manually deposit the money every time it got dinged.
I got locked out of my online account once and called the help line which just connected me to the teller I know on a first name basis who was able to fix it immediately.
They just operate so much better of you're an individual. It's so nice to actually be able to go talk to someone and not just be blown off or told to call another line.
The wiki on them explains it prettt well