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From the time you were little, you were probably led to understand that banks are places where people leave their money in order to keep it safe and have it collect some sort of interest. This is definitely true, but there are other institutions called credit unions that offer many unique banking incentives as well. You may want to compare the establishments in order to figure out which one can give you the best interest rates on loans and certain accounts. Credit unions run on basically the same principles as traditional banks do, except for the fact that credit unions are operated on a not-for-profit basis. This means these cooperatives are more focused on meeting the financial needs of their account holders than they are turning profits on loan repayments, overdraft charges, and other fees. To further illustrate this point, any credit union whose revenues exceed operating costs puts the extra funds towards better loan rates, lower fees, and dividend payments for members of the cooperative. This is a business model that you might find very attractive if you are tired of being charged all sorts of fees for reasons that you do not quite understand. Another difference between banks and credit unions is that you have to be affiliated with a certain business or organization in order to do your banking at a credit union. The exclusivity of this stipulation may seem kind of unfair, but there are so many different kinds of credit unions out there. It is actually pretty easy for anyone interested to find a cooperative which they have the rights or appropriate affiliation to join. Once you find one, you may want to find out how you can save a great deal on mortgages, auto loans, and other borrowing opportunities. If you are ready to move your existing accounts to a new banking institution, consider the pros and cons of banks and credit unions. If you keep your money at the local branch of a nationwide chain, you will never have to worry about finding ATMs or checking your account balances at any time of the day or night. These businesses can usually offer online banking and other perks that make withdrawing and depositing more convenient. Some credit unions can offer these same perks, but smaller institutions may not have enough money to fund these extra services. The money they do have is used in other ways that are supposed to make your banking experience more positive. Think about the services you feel you cannot live without, and look for a place that offers all the accommodations you need. Regardless of what type of institution it is, you will probably be very happy with how they can handle your savings. Looking for new options for Grand Rapids banks? Check some out here: http://www.communitywestcu.org.
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