This morning I read a guest post from our friends over at Budgets are Sexy about a terrible customer service experience at Bank of America. T. Penny tried to refinance his home with Bank of America and they gave him the run around. They also screwed him out of $863.33. Towards the end of his post, he said, “Nurture me, big banks!” I have some news for you T. Penny. It ain’t gonna happen! Big banks are only in business for themselves and to make money. That is why they engaged in risky lending practices and lead us into this deep recession. However, you will get the tender, love, and care you need at a credit union.
Since credit unions are not for profit institutions, they are there to help you. You are not just a number at a credit union, but you are a member. This means you have a say in how your credit union operates. You get to vote for the Board of Directors and serve on committees. There is not a small group of people waiting to receive an enormous bonus at the end of the year. You also can receive lower rates on loans, higher rates on deposits (savings), lower fees, and personable service. Many credit unions also offer financial counseling to help you get your finances straight.