The Difference between Banks and Credit Unions: Part 1

Part one of a very two-dimensional financial mini-series.

Category:

Education

Tags:

• youngfreealberta
• credit
• union
• bank
• difference
• stop
• motion
• paper
• animation
• larissa
• walkiw

[toalexg]

Awesome presentation...Credit Unions rule.... you pay lower interest on loans and get paid higher interest on savings... credit union over banks....any day...

[killershrew1]

Credit unioins definitely pay you interest on your deposits (typically better than what banks pay). I know... I belong to a credit union!

[NickiBaby1807]

Thank you very much! I did a short essay on Banks vs. Credit, and becuase of this video (Where i got most of my info) I got an A! Thank you so much!

[IthacaStLondon]

@TchiSeenTapAndNap I completely agree.

"Oh Canada..." :giggle:

[TchiSeenTapAndNap]

This was ridiculously cute. I loved it.

[doinkusamongus]

@CorticalCirclet Thank you very much! We'll be switching then right after the holidays.

[CorticalCirclet]

@doinkusamongus Credit unions are not insured by the FDIC. However, they are insured by the NCUA, which is likewise backed by the full faith and credit of the United States. Both the FDIC and NCUA insure depositors up to $250,000, and due to 2010 legislation, that amount is not scheduled to change. I'm also considering switching to a credit union, and as far as I can tell, their deposit insurance guarantees are effectively the same as any bank's.

[doinkusamongus]

Honest question. Are credit unions FDIC insured? Last I heard, the answer was NO. Not that it might make a difference in another '08 type failure but then it might. Thanks to anyone who can answer this here. I will also make some calls myself. Thanks again. I'm seriously considering dumping Wells F and going credit union. I already dumped Chase. Didn't move Chase to Wells, BTW.  Had Wells and Chase for years. Now, just Wells.

[DrEvilVader]

@MrMetinnn And banks are? Lehman Brothers (600 billion $ in assets) bankrupted in 2008. Don't talk about fail safes because terms like ''fail safe'' and ''too big to fail'' do not apply in 21st century economy (in 20th sure, but not anymore)

[Ibreitenbach]

In my experience credit unions are more expensive. who voted for that? maybe they need more members. fact is whether your a credit union or a bank you both report the Federal Reserve which is a central bank. The Federal Reserves reports to the IMF "International Monetary Fund" which is the central bank for the world. If you don't like banks and are tired of being controlled by money I suggest your start with the head of the dragon.