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Are Credit Unions Better Than Banks?

When it comes to managing your money effectively to stay on track towards your financial goals, you may be deciding whether a credit union or bank is right for you, or you might be rethinking where and how you do your banking. Most people look at two options: credit unions and banks. Are credit unions better than banks? We think so, but you shouldn't just take us at our word. Ultimately the decision is up to you, but to help you decide whether you’ll head into your local Romulus credit union, Public Service Credit Union is here to break things down.

Compare credit unions vs. banks in terms of products, services, rates, and so much more, then be sure to explore our many financial solutions available to Detroit customers.

Credit Unions vs. Banks: Ownership

One of the main differences between credit unions and banks is how they are owned and operated.

  • Traditional banks are controlled by a team of investors and are considered a for-profit organization

  • Credit unions flips this dynamic and are instead owned by all of their members and are not built around making a profit.

Credit Unions vs. Banks: Location and Membership

A lot of people think that banks have the advantage when it comes to location and credit availability -- banks seem to have a universal presence and a big, familiar logo.

Most credit unions, however, are part of a network of credit unions. That includes PSCU. These credit unions give each other access to branch locations and ATMs -- and you may find that makes us even easier to find than a branch of a bank.

Being a member of a credit union combines big bank convenience with friendly, small-business attention.

Credit Unions vs. Banks: Products and Services

At first glance, products and services will seem the same at a bank and a credit union. Checking accounts, savings accounts, loan options, etc. But the details help highlight why credit unions are better than banks for most people.

One of the major draws of credit unions is the fact that they typically offer higher interest rates on savings products as well as lower interest rates on mortgages and car loans. While you're not likely to find a bank or credit union without any fees, credit union fees for overdrafts and other charges also tend to be less than from banks.

Become a Member of Public Service Credit Union Today

After comparing credit unions vs. banks, are you ready to explore more ways you can save and plan for the future when you become a member of our credit union? Take a look at how you can apply to become a member of Public Service Credit Union and browse our many short-term and long-term banking solutions to help you get started.

Whether you’re looking for efficient solutions to help you invest for the future or are looking for excellent business banking resources, you’ll find everything you need at our credit union service Redford customers. Contact us today for more information and to speak with any of our financial experts!

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