I went to the canton credit union on Sheldon rd. And I tried to make a deposit but they refused and stated that they are not a credit union and that they are a bank! So they put credit union on their sign to make them sound better. How rude.
US economic policy is largely governed in accordance with the interests of Wall St. The Federal Reserve Bank prints money to lend to the banks to the detriment of the people it supposedly represents. Credit Unions could never put this much pressure on a government, since all market and financial power is too diluted to have any influence.
People tend to like credit unions more than banks:
"In the most recent Prime Performance Bank and Credit Union Customer Satisfaction Survey, credit unions beat banks in all categories, with customers rating their overall satisfaction at a new score of 89 percent, seven points greater than the industry average."
Credit Unions are run by the members and are non-profit organizations. Banks are run like corporations, for profit, and can be privately owned. Credit Unions tend to be more forgiving and are more willing to work in favor of the members. Banks treat customers like all other corporations treat people. Banks charge more fees and have higher interest rates. If you have any issuses with Credit Unions they allow you to bring the issue to board meetings. The smaller the Credit Union, usually, the better you get treated.
I don't believe that credit unions are better than banks. Your money is more secure in a bank thank it is with a credit union. You have insurance with a bank and even though interest rates are much lower today, there are more fees associated with credit unions than banks.
A credit union has better rates, better benefits, and it's more difficult to get a membership, which means you have to belong to a school, or military, or be a family member. It's also easier to get a loan through a credit union. As for a bank, it is easier to join, and that is about the only benefit I can think of.
It all depends on the particular organization and what services you require. Your best bet is to figure out what you want, whether it's a checking account with a debit cart, awesome online banking, a great savings rate, local banks or local free ATMs, then shop around for the bank or credit union that has the best combination of particular services you require. No bank or credit union is really likely to have all of these, so it all depends on your needs.