What is a credit union and are all credit unions associated with one another?
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Credit unions are owned by the members and are generally smaller organizations than banks, and as part owner their obligation is to you. This may mean reduced/nonexistant fees, better interest rates, more favorable loan terms, etc., all depending on your specific credit union.
Many people also believe that the smaller organization gives you more personal service that treats you more fairly than a large corporation would. This is especially true as many credit unions cater exclusively to certain populations such as (but not limited to):
* People living in one geographic area
* People who went to a particular college/university
* People who work for (or related to someone who works for) a certain company (this is how my credit union started)
* Armed forces, civilian contractors, veterans, or being related to someone who served
* Etc.
As far as if credit unions are associated with each other, many credit unions offer “shared locations” or ATMs that are “in network” meaning they don’t charge a fee. This allows them to have lower overhead costs while still being able to provide full services to their members as they travel or move. Your specific credit union should have information for which other credit unions they partner with for these services.
There are a few things that some people believe major banks do better, such as having the money to invest in better technology (such as phone applications and web interfaces) and internationalmoney transfers due to their scale, but for most people a credit union would serve all their needs
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