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
Founder/President
LALA Nonprofit Org.
Leave A Legacy Always
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