Credit Unions vs. Banks
01.Member-Owned Credit Unions
Unlike commercial banks which are owned by shareholders, credit unions are non-profit cooperatives owned by their members. Anyone who meets their eligibility criteria (such as living in a certain city or working in a specific industry) can join.
02.Lower Fees & Better Rates
Because credit unions are non-profits, they often return profits to members in the form of lower fees, cheaper auto loans, and higher interest on savings. For new immigrants, credit unions can be more flexible in underwriting loans.
03.Commercial Bank Strengths
Large commercial banks (like Chase or Bank of America) offer larger branch networks, more ATMs nationwide, and highly advanced mobile applications. Consider having accounts in both: a local credit union for loans and a national bank for convenience.