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Bankrate insight. There were 4,614 banks and 4,645 credit unions that were federally insured in the third quarter of 2023. (FDIC and NCUA)While the number of credit unions declined from the ...
Regardless of your choice, the decision is personal. Keep reading to learn about the pros and cons of banks vs. credit unions. Banks vs. Credit Unions: A Quick Comparison. On the surface, the ...
Whether a bank or a credit union is better depends on your personal financial needs. If you prefer lower fees, higher savings rates and a more community-focused institution, a credit union might ...
Credit unions therefore often have a higher “cost of assets” (i.e. interest expense as a percentage of average assets) than commercial banks, with aggregate U.S. credit union cost of assets being higher than the aggregate U.S. bank cost of assets in eight of the thirteen years between 1995 and 2007. [42]
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Credit unions see themselves as different from mainstream banks, with a mission to be community-oriented and to "serve people, not profit". [13] [14] [15] Surveys of customers at banks and credit unions have consistently shown significantly higher customer satisfaction rates with the quality of service at credit unions.
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In June 2013, PSCU opened a data center in Phoenix, Arizona. [13] The organization started "Make Your Money Matter," an online and social media campaign that educated consumers on the difference between banks and credit unions, in 2013. [14] [15] In February 2014, PSCU received a patent for the CardLock fraud prevention system. [6]