BANKING WITH CREDIT UNIONS vs. BIG BANKS
As you consider where to entrust your money, don’t overlook the benefits of a credit union.
IF YOU’RE DISSATISFIED WITH YOUR CURRENT BANK — FEES ARE TOO HIGH OR MAYBE THE CUSTOMER SERVICE ISN’T UP TO PAR — AS YOU LOOK FOR A NEW PLACE FOR YOUR CHECKING OR SAVINGS ACCOUNTS, DON’T FORGET TO CONSIDER A CREDIT UNION.
Some people misunderstand the role of a credit union and think that they are dedicated to serving only those in the military or government, or that they do not insure money to the same extent that banks do. All are incorrect assumptions.
Credit unions are in fact similar to banks and offer many of the same services. For instance, you can open both checking and savings accounts, each accessible with a debit card. And you can take out a car and home loan at a credit union, as well as invest in an Individual Retirement Account (IRA), too.
Additionally, credit unions insure deposits up to $250,000 by the federal Credit Union Administration, the same protection that the Federal Deposit Insurance Corporation provides to banks.
But while credit unions and banks have much in common, they have important distinctions that you should consider before making a final banking selection.
Thanks for checking out the blog.
Joe Breslin, CFP®
This material is for general information only and is not intended to provide specific advice or recommendations for any
individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive
outcomes. Investing involves risks including possible loss of principal.
This material was prepared by LPL Financial. Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and
broker-dealer (member FINRA/SIPC).
Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL Financial makes no representation with respect to such entity.
Securities and insurance offered through LPL or its affiliates are:
