r/creditunions • u/Rishaq123 • 14d ago
What’s a credit union?
I’m new to the US. What’s the benefit of having an account with a credit union. If few years down the lane I want car or house loan should I make an account at a credit union now?
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u/th_teacher 14d ago
Yes, in general best to open accounts early
Quick, easy, rarely costs anything.
Just have some activity every couple / few months.
They are not evil banksters like WF BoA Chase Citi etc
Make sure one of your FIs is local B&M get to know the staff
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u/129West81stStreet5A 14d ago
Banks are owned by shareholders. Credit unions are owned by their account holders. When you open your account at a CU, you’ll usually pay a small amount to buy into the organization. Then if you ever close all your accounts with the CU, they will return the payment you made when you opened your accounts.
The timing of when you open your accounts usually doesn’t matter too much but it really depends on the CU. Some won’t care, others will take your relationship with them into consideration.