The big difference between an American bank versus an American credit union is whether you would like to become a member of the financial institution.  Most credit unions have easy membership requirements while others may have more restrictive and specific requirements.  For example, some credit unions are setup for specific working groups and only allow membership if you are an employee of their affiliated group, (like the Teachers Federal Credit Union or the Police Credit Union, etc.).

It has been a long cultural view that credit unions offer better customer service than the average bank, not only because you become a valued member, but because the lending environment is said to be more accommodating.  Credit unions tend to be more sympathetic to their customer’s needs and will try to be more creative when lending to meet the requirements of their clients.

Here are some things to keep in mind when you are looking for a new credit union:

1. Interest rates offered on accounts, fees associated with accounts/ATM withdrawals, account maintenance fees and there “small print” terms and conditions?
2. Do they provide overdraft protection on accounts?
3. Do they offer mobile deposit, on-line bill payments, cheque imaging?
4. Do they have deposit insurance on all their accounts?
5. Can they do wire transfers?
6. What is their overall reputation like? Do the people that work in the bank look happy?
7. What is there hours of operations and how many branches do they have?
8. Interest rates offered on loans, mortgages and lines of credit.
9. Can they offer different products and/or services that will suit your future needs.
10. Do they offer business banking, investing options, or financial planning options.