Big Bank vs. Small Credit Union

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Everywhere we turn there is a bank or ATM on the corner. As students, most of us seem to inherit our parent’s banks instead of searching for the one that offers the most benefits for college students. Credit Unions are becoming more common and are starting to offer more options for students.

Unlike a bank, Credit Unions are not for profit which in turns means lower fee charges and interest rates on loans. Plus they don’t charge you to make a withdrawal from any ATM! Hallelujah! So, why haven’t we taken advantage of this?! Unfortunately, Credit Unions are not as easily to get into. You have to actually apply to see if you qualify to be a part of the union. Many schools offer their own credit union that students and faculty can join. Be sure to check and see if your school has one, if not, you can always see if you can join a union located in your hometown or city where you reside. Visit the Credit Union National Association to find out locations of where you may apply.One issue that does come with credit unions is the inconvenience. Since they are in limited supply it is not as easily accessible. Some Credit Unions are working towards offering mobile and online banking. Also, if ever you have an emergency and need to get money transferred into your account by your parents, there is more delay with using a Credit Union.

When searching for a bank find one that is best for you and offers benefits for students such as free checking, lower interest rates, and fees. Credit Unions are a great option and becoming more widespread. Remember, your bank should help you make money, not take it from you.

Until next time,

Shanika Simmons -abrokestudentshandbook

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About Author

Shanika Simmons, senior at Spelman College, will be receiving her degree in Economics in May 2013. Raised in a small town, Shanika moved to Atlanta to further her education in 2008. Combining her love for economics and writing, she began her blog "A Broke Student's Handbook" in 2012. Since then, Shanika has received many opportunities to write for Global Good Network, TBA Magazine, and The AUC Network. Now Broke2Dope.com, her blog has transformed to a place where students can find money management advice, features, tips, and budget friendly fashion ideas.

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