Credit Unions often offer better rates while also not wishing to work with the bigger banks. Credit unions are typically more flexible, offer lower rates, and are more willing to work with people who may not hve the best credit scores.
The following is a bit of credit union history and random fact some may find interesting.
Credit union account holders and members are the bank's owners.The bank's elections are actually 1 to 1 votes. So you can have a pretty large say in matters and board elections even if you only have a dollar in the bank. They tend to, overall, have much higher customer satisfaction in surveys.
While not a charity, credit unions are not-for-profit. Which means they are not motivated to turn a profit, but of course need to make enough money to stay afloat.
In the USA, credit unions are overseen by the NCUA (National Credit Union Administration), headquartered in Alexandria, Virginia, and provides similar insurance as the FDIC.
Additional Facts:
Credit unions engaged in 1/5th as much subprime lending as the commercial banks who played, if not caused, the housing crash and recession of 2007/2008
Samuel Jurkovic was the founder of the first credit union in central Europe.
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