Credit unions vs banks

[go iggy]

I thought I would ask the cp folks what they thought about credit unions vs banks and brokers for that matter when it comes to getting a mortgage.

As well as financial planners - banks or credit unions?

What are the pros and cons.

Have any of you had any experience with credit unions?

Which would you go with?

Thanks in advance.

Sorry wrong forum can mods move it to the off topic pls.
My bad.

[MoneyGuy]

Mortgage brokers >>>>>>> banks, credit unions.

For planners, Slava >>>>>>> banks, credit unions.

[daredevil]

For the most part CU's offer the same general rates and products as banks. Usually the differentiators are profit sharing. As well CU's are responsible to the members as opposed to shareholders, it's a very fundamental difference.

You should find the personal "relationship" form of banking is superior at a CU. CU's try to give back to local communities in a more meaningful way than banks.

Full disclosure: I am a branch manager for Servus Credit Union. We're not perfect, but a pretty good alternative. If you have any specific questions, let me know. Can at least give you a straight up answer.

[PIMking]

I've found that credit unions are more "small town they know you" type place

[daredevil]

One other point. I don't have a problem with (most) mortgage brokers, but have seen hundreds of people given bad advice just for a low rate. Just make sure you are getting good advice before entering any contract, which is what most people forget about mortgages.

[HOOT]

I work for a CU and bank with RBC. CU's are way too far behind on many things.

[FlamesAddiction]

Back when I was just a young pup out of high school, I needed a truck for work and had no money or assets. I went to the bank for loan and they showed me the door before I could plead my case. I had an account there for years.

I went to the credit union, opened up an account and had my truck later that day and everything worked out.

Not the same as a mortgage of course, but in that situation, I found the credit union way more accommodating.

[Incogneto]

If I could email money to-and-from a CU, I would be more interested.

[Nammer403]

Originally Posted by InCoGnEtO

If I could email money to-and-from a CU, I would be more interested.

I bank with First Calgary and Scotia bank and i EMT to and from First Calgary all the time