{"id":100486,"date":"2018-05-24T05:48:55","date_gmt":"2018-05-24T09:48:55","guid":{"rendered":"https:\/\/sjcivil.com\/?p=100486"},"modified":"2024-03-28T06:25:40","modified_gmt":"2024-03-28T10:25:40","slug":"2325","status":"publish","type":"post","link":"https:\/\/sjcivil.com\/2325\/","title":{"rendered":"Credit Unions versus Banks"},"content":{"rendered":"<p><strong>Executive Summary:\u00a0<\/strong>A credit union is a viable option for many small businesses. Consider the advantages of a credit union over a traditional bank.<\/p>\n<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4wrIHWqaGM2wPiO4e93V98?utm_source=generator\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><strong>What is a credit union? <\/strong>It\u2019s \u201cbig bank lite\u201d. It\u2019s a bank with checking accounts and savings accounts, with mobile banking services, with internet access, tellers, the whole deal.<\/p>\n<p>All credit unions were chartered to help a defined group which may have included an industry, a community, or a business. This group was composed of members which became part owners of the credit union. It is still this way today where there is some sort of qualification in order to become a member.<\/p>\n<div class=\"eds-animate  \" data-eds-entry-animation=\"rotateIn\" data-eds-entry-delay=\"0\" data-eds-entry-duration=\"0.5\" data-eds-entry-timing=\"linear\" data-eds-exit-animation=\"\" data-eds-exit-delay=\"\" data-eds-exit-duration=\"\" data-eds-exit-timing=\"\" data-eds-repeat-count=\"1\" data-eds-keep=\"yes\" data-eds-animate-on=\"hover\" data-eds-scroll-offset=\"\">\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-101087 size-full\" src=\"https:\/\/sjcivil.com\/wp-content\/uploads\/2018\/05\/Bank-cards.jpeg\" alt=\"\" width=\"525\" height=\"350\" srcset=\"https:\/\/sjcivil.com\/wp-content\/uploads\/2018\/05\/Bank-cards.jpeg 525w, https:\/\/sjcivil.com\/wp-content\/uploads\/2018\/05\/Bank-cards-480x320.jpeg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 525px, 100vw\" \/><\/strong><\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Credit unions are not-for-profit and returns go to the members.<\/p>\n<p><strong>Do they serve businesses?<\/strong>\u00a0Yes. They have business services in addition to personal ones. Depending on the credit union, they can serve different business entities including LLCs and corporations.<\/p>\n<p><strong>What are the pros of credit unions?<\/strong>\u00a0Because it\u2019s community-based, the feeling in a credit union is more personal, less sterile, than in a big bank. Other advantages include:<\/p>\n<ul>\n<li><u>Check Depositing Locations<\/u>\u00a0\u2013 credit unions have what\u2019s called branch sharing. It means that you can open an account in Hawaii and put a check in another, seemingly completely unrelated, credit union in Dallas just like you were at your main branch.<\/li>\n<li><u>Hours<\/u>\u00a0\u2013 hours of operations can be better during the week and on weekends<\/li>\n<li><u>Fees<\/u>\u00a0\u2013 account balance minimums or fees for services (like cashier\u2019s checks) can be more favorable<\/li>\n<li><u>Customer Service<\/u>\u00a0\u2013 the wait on the phone for a human is less. Making that \u201csimple\u201d call to notify your bank you\u2019ll be traveling to five states in the next two weeks, and needing your debit card to work in each of these states, is much quicker and painless.<\/li>\n<\/ul>\n<p><strong>What are the cons of credit unions?<\/strong>\u00a0The biggest con would be lack of access to big money and an ability to handle a higher number of transactions. Big banks are big because they help a lot of people or companies, do more transactions, and have more money in the bank. The big bank here in Hawaii has about $21 billion in assets while the big credit union has about $1.5 billion.<\/p>\n<p>So, understandably, it\u2019s likely that you\u2019re not going to get a multi-million dollar line of credit for operating cash or equipment purchases with a credit union.<\/p>\n<p><strong>What\u2019s the same between the two?<\/strong>\u00a0The things you\u2019ll get with both a credit union and a bank include credit cards, debit cards, mobile banking, and safe deposit boxes \u2013 all the standard services. They both put a hold on deposits, depending on who it is and the amount.<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-101088 size-full\" src=\"https:\/\/sjcivil.com\/wp-content\/uploads\/2018\/05\/office-towers.jpeg\" alt=\"\" width=\"350\" height=\"350\" srcset=\"https:\/\/sjcivil.com\/wp-content\/uploads\/2018\/05\/office-towers.jpeg 350w, https:\/\/sjcivil.com\/wp-content\/uploads\/2018\/05\/office-towers-300x300.jpeg 300w, https:\/\/sjcivil.com\/wp-content\/uploads\/2018\/05\/office-towers-150x150.jpeg 150w, https:\/\/sjcivil.com\/wp-content\/uploads\/2018\/05\/office-towers-225x225.jpeg 225w\" sizes=\"(max-width: 350px) 100vw, 350px\" \/><\/strong><\/p>\n<p><strong>My story.<\/strong>\u00a0I have had multiple businesses from revenues in the millions to in the tens of thousands. It\u2019s true that if you need a large line of credit, you\u2019re likely not going to get that support from a credit union.<\/p>\n<p>My problem with Hawaii is unique to the Continental U.S. in that there really are no banks that serve Hawaii and the mainland. So, having a credit union now does great for depositing on the mainland just like I was at my local branch. If you operate in areas outside of your regional bank\u2019s geographical network, perhaps a credit union works to accomplish more timely deposits.<\/p>\n<p>I\u2019ve enjoyed the attitude and less \u201ccorporateness\u201d of the credit union. My credit union doesn\u2019t use deposit slips, and I\u2019ve had to get multiple cashier\u2019s checks for which I\u2019m charged nothing. This sort of attitude envelops the relationship which is a good thing to me!<\/p>\n<p>&nbsp;<\/p>\n<span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Executive Summary:\u00a0A credit union is a viable option for many small businesses. Consider the advantages of a credit union over a traditional bank. What is a credit union? It\u2019s \u201cbig bank lite\u201d. It\u2019s a bank with checking accounts and savings accounts, with mobile banking services, with internet access, tellers, the whole deal. All credit unions [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":104568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","iawp_total_views":0,"footnotes":""},"categories":[172,50,38],"tags":[343,344],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credit Unions versus Banks - SJ Construction Consulting, LLC<\/title>\n<meta name=\"description\" content=\"A credit union is a viable option for many small businesses. 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