September’s Stimulating Tips for Teens

Banks vs Credit Unions

Consider these little-known facts. If you have an account at a credit union, you are considered a member of that credit union. You have the right to vote on who makes the decisions at your credit union. Credit unions often have lower interest rates than banks, which can make a difference if you need a personal, car, or home loan one day.

Banks, on the other hand, are “for profit” companies. Their interest rates and fees are generally more expensive. Banks may have more locations available, more online features, and may be open outside of normal business hours.

 Whichever you decide to do business with, here are a few terms that mean the same regardless of which you choose.

Deposit:   Putting money in your account

Withdrawal:  Taking money out of your account

Balance:   The amount of money in your account

Fees:   Money charged to you for different services provided

Overdrawn: Using more money than your current balance. This can result in more fees

For Profit: To make money.

Look for next month’s Continuous $timulus discussion. Until then, Keep your mind on your money!

Dedra Porter


LALA Nonprofit Org.

Leave A Legacy Always