The Pros And Cons Of Credit Unions

Due today’s unreliable economy, Americans have become more concerned about where they are keeping their money and how much they are saving. For these reasons, many individuals have chosen to move their money from a commercial bank to a credit union where they can get lower rates and more security. By switching, individuals are joining, “a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates” (Oxford). This type of community-owned business provides many benefits to its members, but if unions are so great, then why are more people not apart of one? As a young adult it has become clear that my generation’s decisions can embrace or harm existing businesses’ futures. Therefore, after researching the benefits and drawbacks of credit unions, I have identified three areas of weakness in the current credit unions business: credit unions are not as accessible nationwide as banks, many Americans do not know what credit unions are or how …show more content…
Once again, because my generation is technology oriented and will be out of college within the next four years, TV and radio commercials could not be more crucial. How old do we have to be to join a credit union? Are teacher’s credit unions only for teachers? These are questions that before researching, I did not know the answer to and I believe very few individuals around my age do. Large banks like Bank of America can afford length advertisements that are colorful and understandable, any maybe credit unions cannot afford anything fancy. However, I feel that if my first suggestion of creating more groups such as, CO-OP Shared Branch Network, was taken then those credit unions combined could afford advertisements. I understand that there is competition between credit unions and that they are not all on the same team, but before that competition can be ignited, credit unions need to be part of the competition with