MARQUETTE -- To bank or to credit union, that's the big question for consumers. From the outside, the two financial institutions look one in the same, but step inside and you'll see significant differences.
The claim to fame for credit unions is membership. Their members get to have a greater say in internal operations. At a bank, you're simply a customer.
“You get a choice in what we do. We have a board of directors, which our members actually get to choose who they are and vote on who they are,” said U.P. Credit Union's Julie Johnson.
Another benefit is lower interest rates on loans and lower fees. A stop payment fee at the Catholic Credit Union is $10. At River Valley Bank, it's more than double at $34. Banks charge more because they are more federally regulated.
“With the economy the way it is, the banks have been facing even more federal regulations that they have to follow and obey,” said River Valley Bank Manager Stacy Chantelois.
But despite their higher fees, banks have their own benefits, starting with location. Banks beat credit unions in branch numbers and ATMs, which is good for the traveler.
“At a bank, you would be guaranteed to have the personal service of walking into the front doors of a bank, where someone would be there to help and assist you,” Stacy explained.
Banks have also revolutionized web and mobile banking for the businessman on the go. But credit unions are following close behind. In the last few years credit unions aren't all about the teller line-- they're actually taking their business online, and in the next few months, U.P. Catholic Credit Union says they're going to develop a mobile app.
“It’s just going to become easier and easier for our members to access their money from just about anywhere,” Julie said.
Ultimately, beauty is the eye of the investor. Make sure to explore your options, and see what best suits your financial needs.
TV Station Profiles & Public Inspection Files forWLUC