Last evening we learned the difference between bank institute and credit union. What tool would you utilize to differentiate the difference between the two institute? Want tracking tool would you use to keep a record of your finances?
Banks are for profit and their interest rates are higher than credit union. Because banks have stock holders they have to report to their investers meaning, we are just another customer to them. To them is all about making money. On the other hand, credit unions which are member owen, their focus is to ensure the financila well being of its members. Credit unions work with you from opening a checking account, to helping you save and getting out of debt. We are members, not customers. Using the every dollar mobil app and reviewing my statements constantly has helped me keep track of my finances. After trying so many different methods I have found that this is the one that works for me.
I have been thinking about the everydollar app, but I have to be more consistent about reviewing my statements. But I agree with you about the way banks perceive their customers/members.
Yes Laura. You are so right about banks. I feel that banks only value the customers who has lots of money and investment in their bank. The people who don't have alot of money are not that important to them.
Hello Laura, I'm glad to hear that you found financial tool that works best for you and helping you and helping to keep track of your financial needs. Keep up the good works.
The difference comes down to high interest savings accounts and lower interest on loans. Their approach of credit unions is more members rather than just customers. They are more willing to work with you and your needs, rather than a one size fits model. My bank offers a budgeting component in their that allows me to manage my bills, payments, and income. I have not tried to app every dollar app, but that seems like a good tool to use for real time budgeting. Also, organizing my bills with the budgeting tool has been really helpful. I need to be better about reviewing my statements.
Is all a work in progress, it sometimes makes me feel a bit frustrated but I know im on the right track. Your on the right track. The cash app is very easy, just give it a try and if your not comfortable with it move on to the next one until you find what works for you.
Hi Sarah, credit unions seem like a better option in some cases. I am so happy we learned about them. Furthermore, I too want to get in the habit of reviewing statements. Most banks have a mobile app and you can view it there. Also, if you dont like the cash app, Mint is another option.
Credit unions are worth having a relationship with since the institution is more people oriented and offer lower interest rates than traditional banks and higher interest rates on products such as CD's, saving accounts etc. I already utilize the app Mint which keeps track of my Bills that need to be paid, my spending, and alerts me if my credit score goes up or down. it also shows me what my credit score is. I also use my bank's mobile app to keep track of spending.
I am a big fan of the Credit Union, they are easy to deal with. I make it a habit to review my statement online weekly. I make mistake and so do they. Plus there is no monthly fee.
The tool I would use the differentiate the difference between the two institute would be the internet and the information I got from the class in my notes. The tracking tool I would use to keep a record of my finances would be my bank account.
I opened my first checking account with a credit union. I always have loved banking with the credit union because they do work with you more than a banking institution. the tool I would use to differentiate the two would be the internet and mobile app.
Credit union are to benefit their members, while Banks are to benefit their Institute. I have only banked with a credit union and I have been utilizing their loans in order to build and increase my credit score. I am a big fan of on line banking and being able to track every transaction.
Banks are for profit institutions that caters to their shareholders. Credit unions are member oriented. I currently have an account with a bank but seeking to change that to a credit union. I have been doing research on which credit union is best for me and have narrowed it down to two. I have also started using they Every Dollar app and for the very first time in my life, I have been able to have a budget and actually stick to it.
I am a credit union member and I love the services they offer. I belonged to a bank and every other week they were charging me more and more money out my paycheck. Joining the credit union. Was one of the best I did.
Hi Margaret I noticed I was being charged additional fees and when I asked it was always for some banking tool I did not use or for using a different atm I left the banks and went to the credit union and have not looked back
I joined a credit union a couple 2 years ago I believe and I love being a member. there are no additional fees, I cant overdraft and they were so friendly. I have the the app on my phone so I can track everything from spending to deposits and it keeps track of all my statements
Banks are for profit and their interest rates are higher than credit union. Because banks have stock holders they have to report to their investers meaning, we are just another customer to them. To them is all about making money. On the other hand, credit unions which are member owen, their focus is to ensure the financila well being of its members. Credit unions work with you from opening a checking account, to helping you save and getting out of debt. We are members, not customers. Using the every dollar mobil app and reviewing my statements constantly has helped me keep track of my finances. After trying so many different methods I have found that this is the one that works for me.
ReplyDeleteI have been thinking about the everydollar app, but I have to be more consistent about reviewing my statements. But I agree with you about the way banks perceive their customers/members.
DeleteLaura, I just tried to the every dollar app! Its so easy to use, and I was able to add to it, and delete things, set goals.
DeleteVery cool!
Laura you are so right!...I love banking with credit unions. their service is friendlier, more welcoming, and feels more at home.
DeleteYou are so right I have to get some of the apps too because it makes you feel like u have better control on your money.
DeleteI am joining you, Laura.
DeleteYes Laura. You are so right about banks. I feel that banks only value the customers who has lots of money and investment in their bank. The people who don't have alot of money are not that important to them.
DeleteHello Laura, I'm glad to hear that you found financial tool that works best for you and helping you and helping to keep track of your financial needs. Keep up the good works.
ReplyDeleteThe difference comes down to high interest savings accounts and lower interest on loans. Their approach of credit unions is more members rather than just customers. They are more willing to work with you and your needs, rather than a one size fits model. My bank offers a budgeting component in their that allows me to manage my bills, payments, and income. I have not tried to app every dollar app, but that seems like a good tool to use for real time budgeting. Also, organizing my bills with the budgeting tool has been really helpful. I need to be better about reviewing my statements.
ReplyDeleteIs all a work in progress, it sometimes makes me feel a bit frustrated but I know im on the right track. Your on the right track. The cash app is very easy, just give it a try and if your not comfortable with it move on to the next one until you find what works for you.
DeleteHi Sarah, credit unions seem like a better option in some cases. I am so happy we learned about them. Furthermore, I too want to get in the habit of reviewing statements. Most banks have a mobile app and you can view it there. Also, if you dont like the cash app, Mint is another option.
DeleteI agree Sarah, their interest rates are usually much lower than any banking institution.
DeleteI am so scared of using financial apps. I will think about the posts and see what my bank has to offer.
DeleteCredit unions are worth having a relationship with since the institution is more people oriented and offer lower interest rates than traditional banks and higher interest rates on products such as CD's, saving accounts etc. I already utilize the app Mint which keeps track of my Bills that need to be paid, my spending, and alerts me if my credit score goes up or down. it also shows me what my credit score is. I also use my bank's mobile app to keep track of spending.
ReplyDeleteI am a big fan of the Credit Union, they are easy to deal with. I make it a habit to review my statement online weekly. I make mistake and so do they. Plus there is no monthly fee.
ReplyDeleteAfter the class I'm going to also join a credit union I like how they have less fees with everything.
DeleteThe tool I would use the differentiate the difference between the two institute would be the internet and the information I got from the class in my notes. The tracking tool I would use to keep a record of my finances would be my bank account.
ReplyDeleteI opened my first checking account with a credit union. I always have loved banking with the credit union because they do work with you more than a banking institution. the tool I would use to differentiate the two would be the internet and mobile app.
ReplyDeleteLisa I would never understand why someone would allow a bank to charge/ rob them of their hard own money. #TeamCreditUnion
DeleteCredit union are to benefit their members, while Banks are to benefit their Institute. I have only banked with a credit union and I have been utilizing their loans in order to build and increase my credit score. I am a big fan of on line banking and being able to track every transaction.
ReplyDeleteBanks are for profit institutions that caters to their shareholders. Credit unions are member oriented. I currently have an account with a bank but seeking to change that to a credit union. I have been doing research on which credit union is best for me and have narrowed it down to two. I have also started using they Every Dollar app and for the very first time in my life, I have been able to have a budget and actually stick to it.
ReplyDeleteI am a credit union member and I love the services they offer. I belonged to a bank and every other week they were charging me more and more money out my paycheck. Joining the credit union. Was one of the best I did.
ReplyDeleteHi Margaret I noticed I was being charged additional fees and when I asked it was always for some banking tool I did not use or for using a different atm I left the banks and went to the credit union and have not looked back
DeleteI joined a credit union a couple 2 years ago I believe and I love being a member. there are no additional fees, I cant overdraft and they were so friendly. I have the the app on my phone so I can track everything from spending to deposits and it keeps track of all my statements
ReplyDelete