Where Should You Put Your Money? > via Katya Slivinskaya
What’s the difference between banks and credit unions? Banks are owned by investors who expect a profit. Credit unions are owned by their members. As a member, you get to:
>> Vote for your board members (who also come from the member pool).
>> Receive, in the form of dividends, an equal share of any surplus earnings.
>> Credit Unions are local, so a greater percentage of your money stays in, and benefits, your community.
>> Loan rates are usually lower than those of a bank.
>> Credit Unions boast little to no transaction fees, often offer a higher interest rate on the money you deposit and a lower rate on the money you borrow.
>> Credit unions are nonprofit. Banks are for-profit, publicly-traded companies that are owned by the stockholders (who vote). There is no joining fee at banks.
>> Credit unions are usually smaller than banks, may not have as many branches or ATMs, and may not offer the variety of services that banks offer. But many credit unions belong to a network of credit unions, so members can use the services of other credit union branches and ATMs.
hot on elephant
The story behind the Elephant-headed God. 449 shares September’s Black Moon: The Rare, Powerful, Feminine Goddess Lilith. 67,936 shares Will & Grace are Back after 10 years & it’s the Funniest 10 minutes of Election Commentary Ever. 17,177 shares October Energy Forecast: Prepare for Limitless, Unconditional Love. 7,763 shares The Fourth Kind of Love. 2,600 shares How Open-Hearted Men can Show Up for Strong, Independent Women. 3,654 shares What Teens need from their Parents. (Hint: It’s not Grounding & Punishment.) 2,047 shares I am Who I am Thanks to You—The 5 Most Important People we Meet in Life. 2,096 shares 10 Good Reasons Not to Contact your Ex. 879 shares The True Story of a 5-year-old Colorado Cannabis Refugee. 345 shares