Credit unions and savings and loan associations are very similar. Both are owned by the community and exist to benefit its members. While the two organizations share similar goals, they differ greatly in the degree of service and personal interest they offer their members. These associations are often not-for-profit, though there are instances where the membership may direct the institutional goals. The organization can also be publicly traded and stock-based, allowing its members to influence the direction of its policy.
A major advantage of using a credit union is the personalized service. Members can talk to the staff and receive guidance about the best products for their needs. In addition, staff can sign members up for financial literacy programs. Credit unions also have more affordable rates for loans and savings accounts than traditional banks. The bottom line is that you will benefit from lower interest rates and fees, compared to a bank. And credit unions are also better for the environment than banks.
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