Wednesday, April 25, 2012

Banks v. Credit Unions, Visualized - Is It Time to Make the Switch?

I continue to be sick (this virus I have is being irritatingly persistent), so I'm reserving most of my higher-order brain functions for getting my actual work done. But, I did come across this interesting infographic, via Daily Infographic, that spells out many of the key differences (and benefits/drawbacks) between banks and credit unions, so I thought I'd throw up a quick post.

[Disclaimer: I am a member of a couple of credit unions myself, though I also remain a customer of a couple big banks and a couple of smaller banks. So, I've yet to make the big switch permanently. Would anyone who has like to share his/her experiences in the comments?]

What I found most interesting is that credit unions tend to charge lower interest rates for loans (and pay slightly higher interest rates on deposits) than big banks, except for mortgages - though the requirements for getting a mortgage from a credit union are often lower than from a bank. Check out the rest of the differences for yourself:

Click on the above infographic for the HUGE version.


  1. I made the switch in 1978 and it has worked very well. Encourage everyone to do so to a well run credit union.

    1. Hmmm, I wonder what separates a "well-run" credit union from a poorly run one ....

      -The Angry Bureaucrat

    2. It hasn't lost my money since 1978, hasn't charged me for ATM use or Visa card. Made me a mortgage loan or two, some automobile loans, hasn't treated me like a dummy and stuck with me when I needed it and helped me pay everything back. In short, all the stuff the banks didn't do.