Banks vs. Credit Unions: Which Is Right For You?

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Bank Transfer Day (November 5, 2011) was started by Kristen Christian, a woman who was fed up with the way banks treat their customers and gamble with taxpayer money. Originally, Christian just invited all 500 of her Facebook friends, and hoped that some of them would heed her call to take their money out of the corporate, for-profit banks.

“I started this because I felt like many of you do,” said Christian. “I was tired– tired of the fee increases, tired of not being able to access my money when I need to, tired of them using what little money I have to oppress my brothers & sisters. So I stood up. I’ve been shocked at how many people have stood up alongside me. With each person who RSVPs to this event, my heart swells. Me closing my account all on my lonesome wouldn’t have made a difference to these fat cats. But each of YOU standing up with me… they can’t drown out the noise we’ll make.”

The Bank Transfer Day Facebook event went viral almost immediately and now has almost 77,000 participants. But reports from around the web say that thanks to Bank of America’s attempt to charge customers extra just to use their debit cards, 650,000 Americans moved their money from a bank to a local or regional credit union. Credit unions are not-for-profit financial cooperatives, whose earnings are paid back to members in the form of higher savings rates and lower loan rates.

It’s okay if you haven’t already opened a credit union account. November 5th is just a target date for action. Any day is a good day to move your money out of the Big Banks!

On the following pages, you’ll find some of the most important differences between banks and credit unions. Use this comparison to help you decide who you want to put in control of your money.

>>Up Next: Credit Unions

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Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

Richard L.

6:27AM PST on Nov 9, 2011

The only way for banks to get it is to leave them. For the ones who do not like Credit unions look into Walmart just remenber if you keep the money on the banks role they get your money.

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D.A. V.

7:44AM PST on Nov 7, 2011

I joined my first credit union in 1984, and first reduced, then eliminated my dealings with banks entirely. The benefits become obvious immediately. I am glad to see this post outlining them.

Keevin S.

10:36AM PST on Nov 6, 2011

Credit Unions

Hannah S.

7:40AM PST on Nov 6, 2011

i have moved all of my money out of the bank already, i dont have much money so once i get me a job or start making money with my short stories i will find me a credit union

Deborah L.

1:07AM PDT on Nov 6, 2011

Credit Unions Rock! I wouldn't step into BofA if it's President was on fire & needed help! They have stolen & cheated & lied their way into Billions in Profits. Let them reap what they Sow.

Rebecca S.

1:01AM PDT on Nov 6, 2011

I will most likely be closing my account on monday.

Danuta W.

12:51AM PDT on Nov 6, 2011

Thanks for the info.

Frances C.

9:22PM PDT on Nov 5, 2011

I love my credit union. I quit Bank of America long ago. I also stopped using Verizon who supports right wing causes, advertises on Hannity and Beck. I now use Credo Mobile who supports progressive causes.

Sue M.

8:41PM PDT on Nov 5, 2011

thanks

Christine S.

8:00PM PDT on Nov 5, 2011

Go for a credit union! As for people who say to not demonize the big banks- I say it is their own fault. They could still make a profit, yet treat people fairly. Instead, they prefer to screw people over in order to make the most profit possible...