Nowadays the differences are kind of blurred but if you look hard enough you will find that there is still quite a difference between credit unions and banks. Of course, not all credit unions are the same nor are all banks so it helps to know which is which if you want to ensure the best possible future for your investment.
Traditionally, a credit union was, and in some cases still is, a kind of mutual association where local people and local businesses would deposit their savings. These transactions tended to be more personal than your average bank experience and loans were a little easier to get a hold of because of your mutual association. It was often times easier for local businesses to deal with credit unions than with banks.
With banks, the associations aren’t quite so personal although you still find some who endeavor to make you feel like you are truly a part of something. The types of loans you can get at a bank also tend to vary more greatly than some credit unions ranging from a home loan to a car loan or possibly even debt consolidation loans. While the key differences being the level of association and relative ease might seem blurred these days, you can still find examples of these if you know where to look. Just make sure, credit union or bank, you know what you’re getting into.