Credit Unions vs. Big Banks – Which one to choose?

Stashing your money in a financial institution is the right decision, as your hard-earned cash won’t grow laying hidden underneath your mattress. But where should you invest your money? Should you save the money in a credit union or keep it in a bank? Before setting up a savings account in either of the institutions, you have to remember a few common differences in both the institutions.

While credit unions offer higher interest rates to the members, in a bank you will get better customer service. Also, banks have a bigger number of branches giving you quick access to your money in the time of need.

Also, while banks are owned by investors and run on a profit motivation, a credit union is owned by its members and run on non-profit motivations. The credit union aims to keep the saving interest rates higher, their service fee lower.

Before investing in credit unions or banks in Wareham, do ask yourself the following questions:

   1. Fee structure, and how much do they charge?

Usually, the financial institutions charge a service fee, overdraft fee, and monthly maintenance from their consumers. While one group of financial advisors point out that banks are comparatively expensive for the checking account. But some advisors beg to differ on the ground. The best way to know about the respective institution’s fee structure is to politely ask them.

   2. Online banking facility

While banks were the pioneers in bringing in mobile banking facility into the financial sector, the credit unions were not far behind in adopting the technology. Remote banking helps the consumer in payment of the bills, making transactions, or order checks. Endure whether your chosen financial institution offers this service.

   3. Number of locations

In case you are interested in money deposit and withdrawal service, verify the number of accessible ATM branches the said institution has at a specific location. On the contrary, if you are more interested in in-person services, inquire about the institution’s number of local branches.

Overall, before going with the credit unions or banks in Wareham, verify whether the said institution can help you in achieving your financial goals. The PCT Federal Credit Union, a Wareham-based credit union, offers many facilities as well as financial advisory to their members. Go to http://www.pctfcu.org/ or call 508-291-0777 to know more about money matters.