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In reply to the discussion: Should Ally Bank Penalize Me for 6 Months over a $1.63 Mistake? [View all]Gormy Cuss
(30,884 posts)38. Credit unions are not banks, although they provide similar services.
Credit unions are not-for-profit, member owned institutions. That lack of a profit motive is the reason fees are lower than at most commercial banks and why "banking" with one is usually a better deal.
There are bad credit unions out there so doing a little research before joining is a good idea. Credit unions aren't covered by FDIC insurance but should have similar deposit insurance from the NCUSIF.
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In banking and with prescriptions, I find it's better to deal with a human face.
No Vested Interest
Nov 2015
#34
On a cost/benefit basis credit unions are almost always better for small depositors.
Gormy Cuss
Nov 2015
#66
I agree. I have been with them for about 15 years and have NEVER had a problem
smirkymonkey
Nov 2015
#64