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Using a Bank or a Credit Union

There are a lot of options that we have when dealing with financial services and it is important that we should know what kind of service would be the best for us. Using a bank can make us feel secured when we need to have a place where we can store our money that is why there are about 95% of the population in the US nowadays that have a bank account. However, there are also a lot of people that are using banks that also have accounts in credit unions as they are also able to use the financial services that these organizations are able to offer them. There are a lot of us that have heard of credit unions but do not have the proper knowledge of how they operate that is why we have not been able to utilize what they have to offer. Aside from keeping our money in banks, we can also get a loan or a mortgage from them where we can get a certain amount of money that we can use for other expenses like buying a car, a house or sending our child to school. Banks are able to make some profit in these services as they would get an interest for the money that is borrowed from them.

Credit unions are a lot smaller compared to banks but they also have the same functions which is why we can still utilize their services the same way. Members of credit unions have a certain kind of control on who is going to manage it or who is going to take control of its operations as well as in how the money that it has would be handled. Banks are a lot more usable for a lot of us as they have a much more advanced technology compared to credit unions because they have a lot more resources. We can protect our money much better in credit unions because they have lower fees in their services as they are not limited by any investor. The interest rates that they have in their loans or credit services are also much lower that is why we should also consider these things when getting the services that we need. But the amount of money that we can get may be a lot less compared to banks.

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