MoveCU Blog

Banks vs Credit Unions - Four Differentiating Factors

When it comes to financial institutions, banks and credit unions out rank alternatives. While they both offer similar services, their business models create various differences. A bank is a for-profit business that takes deposits and makes loans. Banks operate under charters and report to both state and federal regulators. A credit union is a non-profit organization that is governed by members. Membership for credit unions are based on certain socioeconomic factors, such as location or job.

Choosing a financial institution for personal or business can be a tedious decision with the smorgasbord of options institutions offer. Let’s take a look at four different factors between banks and credit unions to help you understand which better suits...

Banks predatory hard-sell lending practices

After the financial crash of 2008 you would think banks learned their lesson, but they are still continuously coming under fire for their predatory lending practices. According to...

5 Frustrations Consumers' have with their Banks

Consumers’ frustrations with their primary financial institutions range from simple to outright rage. Although, how far will their frustrations go before a consumer will leave for...

Is Digital Killing the Bank Branch?

The increasing “drive-to-digital” in the banking industry begs the question, “What will happen to traditional bank and credit union branches?” Will they stay the same, evolve in a dramatic way or just...

Loan Denials

So you applied for a loan and did not qualify, now what? First and foremost, do not give up! It is nothing personal and there are several potential reasons for the denial. Take this opportunity to...

5 Ways to Eliminate Financial Stress

Prior to the unprecedented challenges facing our economy, unemployment was down to 3.5%, the lowest rate in half a century. By the end of May, COVID-19 led to this era’s second highest...

Credit Cards

We have launched credit card applications! Before you head to our home page to fill out your application, let’s take a few minutes to discuss credit cards and how using it wisely will help you...

CO-OP Financial Services

Credit unions understand customers demand for easy access to their accounts wherever they live, work or travel. While the use of mobile and online banking is convenient, there are still...

What is the difference between adjustable-rate and fixed-rate mortgages?

As the economy begins to open back up from the COVID-19 pandemic, recent reports show that homebuyers are ...

Banks vs. Credit Unions: Fees – where does my money go?

Recent reports show that banks have raised fees like overdraft and out-of-network ATM fees to record levels. According to Bankrate’s annual checking survey...

Benefits of Mobile Banking

Technology is driving substantial changes in the way people interact with the banking industry. According to The Consumers and Mobile Financial Services 2016, 71% of bank customers...

What is the Difference Between a Soft and Hard Credit Inquiry?

Credit score. This number can often seem mysterious and complicated, and is the subject of certain myths and much confusion. For something that has a large effect on daily life...

Banks vs. Credit Unions: By the Numbers

Are you getting gouged by fees and feeling frustrated by the service you receive at your bank, but still not certain that a credit union is a better option? Let’s break it down by the...

5 Common Myths About Credit Unions

Popular belief about credit unions holds some fallacies that, while may have held some truth in the past, are no longer accurate. Some of these (false) reasons may even be holding you back from...

What is a personal loan & Does it make sense for your needs?

We here at MoveCU are excited to launch personal loans and credit cards! The timing of this addition we hope will help many individuals amongst the financial hardships they are facing today...

Who Uses Credit Unions?

The initial credit union idea was focused around small collectives of people who shared a common bond being able to form nonprofit organizations to provide access to...

Top 8 Reasons You Need a Credit Union

Credit unions were created over one hundred years ago in order to offer communities a low-cost alternative to banks, with individuals pooling their money to make loans to each other. Today, credit unions are...

COVID-19 is chaotic, your finances do not have to be

In this global time of uncertainty, there is a lot we do not know. But we do know that our community is committed, compassionate and ready to move forward...