Managing your finances is more than just making a budget or saving your money. It is also about the type of financial institutions you choose to associate with. Now, if you are a resident of Bakersfield, two options regarding financial institutions come to mind: a credit union and a traditional bank. Both choices have their own pros and cons and are the top choices for the residents.
Whether you are applying for loans, credit cards, or opening savings accounts in Bakersfield, there are numerous factors that one must consider. However, in recent years, credit unions have become increasingly popular for all the right reasons. In the article below, we will discuss them in detail.
What is a Credit Union?
A credit union is a not-for-profit financial organization with functions similar to those of a traditional bank. It takes deposits on your behalf, provides loans, and offers a wide range of other products and services.
Now, the basic difference between a bank and a credit union is that the latter is member-owned. This means that if you are a member of the credit union, you are also its owner…