How profitable is it joining a credit union compare to a bank? Houston, TX Credit Unions members adv

After extensive research, for a friend and me, I found out that Credit Unions are the best places to obtain a credit card, and loans. I live in Houston, Texas and found many options for a credit union so I don%26#039;t know which one to choose in terms of getting a good credit card with fraud protection and all that kind of stuff that a credit card from a bank like Chase have, a saving and checking accounts with no or %26lt; $6 fees on each, and good range on loans.

I know the website that tells me which credit unions they offer here in houston, but I am more interested in personal experience with them and how did they work for you in both short and long terms. Most of the stuff I read has been only to praise each union, but which business doesn%26#039;t do that, so I want to know the good and bad of the union yourself have joined and which ones you recommend.

How profitable is it joining a credit union compare to a bank? Houston, TX Credit Unions members advise preferannual credit report

I belong to a credit union and the interest rates are great on savings and CDs. The interest rate on loans is unbelievably low. My son and I (he was 19 at the time and living at home) both had car loans at the same time. If he couldn%26#039;t make his payment I could handle them both (though not for long LOL)The only problem, is I can only write six checks a month on that account.

How profitable is it joining a credit union compare to a bank? Houston, TX Credit Unions members advise prefer loan

Credit unions usually have fewer (and lower) fees for their products and services than conventional banks. That%26#039;s because their not-for-profit status allows them to have a different fee structure than a for-profit bank.

It%26#039;s also often easier for members to get services such as higher risk loans, personal loans, start-over credit cards etc. which many conventional banks no longer offer because of the higher risk.

Again, it%26#039;s because of credit unions%26#039; members- only, not-for-profit status. Credit Unions answer to their members. Publicly owned banks answer to stockholders.

That said, one must be a member to qualify - and members with better credit scores get better rates just like banks. On the other hand, they can be invaluable if you are just starting out or starting over in the world of credit.

Becoming a member usually involves meeting some kind of qualification - such as working for a company, government, living in a particular geographic area etc. You will probably have to pay a fee - usually less than $50 - for your membership. There are also minimum deposit requirements etc.|||Always deal with Credit Unions first. They do not have stockholders to satisfy. Many commercial banks are great places to do business with but for lower fees, and higher rates of return with the same safety, go with a Credit Union. And they are non-profit, too.