“Should I Open An Account At a Credit Union or Bank after I file for Bankruptcy?”

I’m a big fan of credit unions, even more so after the banking debacle of the last year.

Every community has at least one you can join. I am a member of a credit union that caters to a labor union – and I’ve never been a member of that union.

It’s been my experience that you get great service, low account fees and low interest loans. Credit Unions are owned by their members (so if you have an account you are automatically a member).

Credit Unions focus on lending money to its members and to the local community. You can take this recommendation to the bank (or credit union) – I’m sold on their community based approach to servicing their customers.

Becoming a member of a credit union is advantageous because they are non-profit, exist to provide a place where individuals can save money, they typically have lower costs associated with all of their products and services.

Credit Union were created to enable people to pool their financial resources to help themselves and each other, working together as a team to create solution to meet the members financial needs.

Often times you will find that they have more community based lending standards not based solely upon just an impersonal credit score but personal relationships. The managers of credit unions (and the board of directors who run the credit union) live in the community.

An interesting aside, you did not hear of many credit unions seeking a government bailout; nor do you see those ugly temporary signs draped over formerly well known local and national banks.

NOTE: I also do banking at a highly regarded regional business bank that has offices in Fresno and throughout California where I’m treated like family and I know almost all the tellers at my branch. They are great. Look into both and make informed decisions.

Disclaimer

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