Stop looking at banks. Stop depositing in banks. Middle class Americans are better off using Credit Unions. Credit Unions are owned by their depositors. Interest paid exceeds your local bank, insured for the same amount as the bank. Normally interest charged is lower than banks. Use bank reward cards, carry no monthly balance. Let corporations and the rich fiancé your rewards.
In my blue state, banks and Credit Unions are running for profits . Over draft fees are same of course. Despite few differences, it doesnt mean credit Union is the best. I think mostly red states have more dominant on Credit Union in compare to commercial bank. Keep in mind, Credit Union has high restriction based and criteria to be membership. Even if you dont meet the criteria, you can be member but you will get expensive fees & overdraft fees somehow. Recently I compare mortage fees of both remains to be same(FCU and banks).
Be careful with taking out debt from credit unions if you also keep money there. Many (if not all) credit unions will make you sign over a security interest in your deposit account as collateral for a loan. Whatever interest you might save on a loan is honestly not worth this. Luckily, I never took out debt from my credit union, but I would have never bothered getting a deposit account with them to begin with if I had known that credit union debt is a scam.
Thanks for the video. I have never known about this, but I kept wondering about the differences between those two. What are some of the most famous, most stable, oldest and largest credit unions in Toronto? I will start closing my bank accounts and consider putting my money on the credit unions instead.
Be careful with taking out debt from credit unions if you also keep money there. Many (if not all) credit unions will make you sign over a security interest in your deposit account as collateral for any loan/debt, even for "unsecured" credit cards. Whatever interest you might save on a loan/debt is honestly not worth this.
I’ve been looking at credit unions but the reviews for the few I’ve been researching are throwing me off but at the same time I’m aware some of them could be fake. It’s hard because I’ve been burned by my current bank.
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Been using credit unions for many years now. Save loads of money from Fees.
I've been a member of a credit union since 1996, and in all that time I've yet to hear one argument in favor of using a bank.
Been tryna tell all the homies... mfs don't listen until they see you with 2 mill in yo pocket.... by then it's to late
@@lulmoewiththegimpyleg6815im 18 should i consider getting credit union?
@@lulmoewiththegimpyleg6815Oh yeah a credit union is going to make you rich. 😂😂🤦♂️
Stop looking at banks. Stop depositing in banks.
Middle class
Americans are better off using Credit Unions.
Credit Unions are
owned by their depositors. Interest paid exceeds your local bank,
insured for the same amount as the bank.
Normally interest charged is lower than banks.
Use bank reward cards, carry no monthly balance.
Let corporations
and the rich fiancé your rewards.
In my blue state, banks and Credit Unions are running for profits . Over draft fees are same of course. Despite few differences, it doesnt mean credit Union is the best. I think mostly red states have more dominant on Credit Union in compare to commercial bank. Keep in mind, Credit Union has high restriction based and criteria to be membership.
Even if you dont meet the criteria, you can be member but you will get expensive fees & overdraft fees somehow. Recently I compare mortage fees of both remains to be same(FCU and banks).
i just recently open a credit union man i should have done this a long time ago
Be careful with taking out debt from credit unions if you also keep money there. Many (if not all) credit unions will make you sign over a security interest in your deposit account as collateral for a loan. Whatever interest you might save on a loan is honestly not worth this.
Luckily, I never took out debt from my credit union, but I would have never bothered getting a deposit account with them to begin with if I had known that credit union debt is a scam.
What type of credit union were you on no way
@@muradrosas7765 Never happened to me. This is the economics of credit unions in general.
opened 5$ savings acc and got a 35k car with 11% interest at 20... credit unions are good
Credit unions actually have more branches and 🏧 through shared branching that are in all states not just a region
Thanks for the video. I have never known about this, but I kept wondering about the differences between those two. What are some of the most famous, most stable, oldest and largest credit unions in Toronto?
I will start closing my bank accounts and consider putting my money on the credit unions instead.
Desjardins
@@jibrael4302 Oh yeah! That's right. I thought desjardins is only in Montreal lol
Be careful with taking out debt from credit unions if you also keep money there. Many (if not all) credit unions will make you sign over a security interest in your deposit account as collateral for any loan/debt, even for "unsecured" credit cards. Whatever interest you might save on a loan/debt is honestly not worth this.
@@thoryan3057 Thank you for the warning. I still haven't got one so this truly is interesting to know. :)
@@camillegroulx7420 No problem
I’ve been looking at credit unions but the reviews for the few I’ve been researching are throwing me off but at the same time I’m aware some of them could be fake. It’s hard because I’ve been burned by my current bank.
why "fake"?
Online and offline, what credit union will you recommend? Either in Minnesota or across the U.S..
someone should tell my credit union that they're supposed to have *less* fees than my bank
Credit unions aren’t giving any great rates on checking and savings accounts anymore due to FJB economics