I believe my brother-in-law (hey Jim) will disagree with me on how amazingly valuable they are, but it is a free country and he is free to be wrong 😁. I love credit unions. I think they are great and everyone should be a member of a good credit union.
I watched the video below during some new employee training at the credit union at which I serve and of which Pam and I are members (Yeah Connexus Credit Union) and it reminded me all the more of some of the reasons I love Credit Unions.
The video is very well done and is narrated by Edward Hermann, so that is a win too.
I believe a person should have at least two financial institutions with varying degrees of liquidity in them (one primary and a second one with enough money in it in case something really bad happens at the primary). Our other banking-type financial institution is a traditional bank and I keep seriously thinking of swapping to a second credit union just to get rid, as much as possible, of using a bank. I really like the cooperative nature of credit unions and it doesn’t hurt that they generally give better rates to their members since they are tax-exempt and aren’t needing to pay huge profits to their shareholders. If you aren’t a member of a credit union I would encourage you to find one that you can join (i.e. there are different types: community, associational, educational, etc.)
SIDE NOTE – in my opinion one should NEVER EVER bank with Wells Fargo. To quote my personal finance guru Clark Howard “They are a criminal enterprise masquerading as a bank.”