Most people in this country probably use big banks – Bank of America, Citibank, etc.. They are almost everywhere, they have services that everyone can use, and they are big names in the banking industry so most everyone knows about them. We use Bank of America for our checking accounts, ING for our savings, and various brokerage houses for our investments. However, I have been giving a lot of thought to starting to use Credit Unions for some of our banking needs because of how much they support the communities that they are in. They take their profits and inject it back into the community, the members “own” the bank, a lot of times they offer lower interest rates on loans, and you might even know your personal banker! I have seen other personal finance writers talk about knowing their banker…but for us here, not only do I rarely step foot inside the bank, but even if I did I bet there would be different people working there every time. Anyway, I came across this site dedicated to credit unions and found it to be pretty interesting reading and thought I would pass it along. My dad was always a member of his work credit union, and because of that I do have a small savings account at that credit union that I have had since I was a kid. But learning more about credit unions has really given me pause to using big banks when I could probably be doing more good with the money I do keep in the bank by banking smaller.
Sure, the big banks have ATM’s everywhere so you can quickly access your money at no cost…but shouldn’t I be supporting my local smaller banks because they are basically non-profit organizations? I don’t know! If you have any thoughts on the matter, would love to hear your opinion on subject. Do you use credit unions over big banks? And why?