Deciding between a credit union and a traditional bank can be daunting. Many people struggle to decide between the two. Becoming more familiar with each of these two options and their offerings is a good way to decide which institution better suits your needs. If you’re looking for a federal credit union in Houston or any other area, take note of the following:

Homes Loans

Anyone that needs a bank loan for a car or house should consider a Federal Credit Union. This is going to be the first step towards getting a lower interest rate. Those consumers interested in getting the best financing options should know that their best opportunities are going to come with credit unions. Banks are for-profit organizations, credit unions are nonprofit organizations.

Certificates of Deposit 

The certificate of deposit is not always attractive to traditional banks. People that are trying to get a CD that is going to have the interest rate should be paying attention to credit unions. Banking customers that have an interest in high-yield accounts are going to be able to grow their money faster.  There are options to explore certificates of deposit that have higher rates of Interest.

Fee Structure

It is almost a given that there will be higher bank fees with checking accounts from traditional banks than from credit unions. Some online credit unions have better options, but it is always better to compare and ask around first. People that want lower fees on checking accounts should look at what credit unions offer. These are typically going to be the organizations that are going to have the better deals when it comes to this type of need. It is good to look at both and compare, but Credit Unions tend to have lower fees for situations like bounced checks or overdrafts.

More ATM Machines / More Bank Locations

Banks tend to outclass the credit unions when it comes to the number of locations. People that are looking for more ATMs and more Bank locations cannot deny that there are typically going to be more throughout the city than credit unions. This may be the deciding factor for those that are interested in having ATMs where there will not be any additional fees for usage.

Location and Convenience 

When people are trying to decide on a credit union or bank they are also going to pay attention to the location. That plays an important part in their decision. When people are close to traditional banks that are near their homes they may consider this to be their best option. Some people are going to consider online banks and then it will not make a big difference, but others are more interested in banking hours that are convenient to their work schedules. People that access banks that are close to their jobs can nip down during their lunch break. Others may be looking for banks that are open after work. It is going to be important for customers to check out all of these options before they decide on whether they should seek a credit union or a bank.