Looking for a smart place to park your money? For qualified individuals, a credit union could be a better option than a traditional bank.
Hours of research by our editors, distilled into minutes of clarity.
Every tap sets off a lightning-fast relay. When I buy coffee with my Visa, a tiny “runner” races between the coffee shop’s bank, Visa’s network, and my bank—all in under a second. The catch? No money has actually moved yet. Here’s what really happens behind that instant “Approved.”
As of early 2024, credit unions had $2.31T in assets under management and were growing exponentially. Some of the biggest players limit access to military personnel, residents of specific states, and those with active religious affiliations. If you want to bank with some of the top names in the US, this list will help you check to see if you qualify.
Credit union insiders often say their institutions better serve minority bankers through a combination of a not-for-profit ethos and community focus. However, a recent probe found that the largest US credit union rejected more than half of all Black applicants for conventional mortgages. To dive deep into Navy Federal Credit Union’s mortgage practices, read this journalistic investigation.
Although credit unions offer great perks like higher-than-average interest rates, they aren’t the right fit for every customer. This handy guide helps would-be bankers identify their top financial priorities. To see how credit unions stack up against traditional banks across key areas like branch locations, customer service, and digital technology, click here.
Generative artificial intelligence has left no industry untouched, and banking isn’t an exception. Experts estimate that gen AI could add as much as $340B in value to the banking sector each year. For consumers, this involves new features to prevent fraud and customer service chatbots. This report dives into the revolution underway and seeks to define a “full stack” AI bank of the future. Read more here.
Before deciding on a credit union, it’s important that you understand the basics. That way you can know exactly what’s happening with your hard-earned money behind the scenes. Flip through these flashcards to make sure you understand key terms like “deposit” and “checking account.” Then, you can read up on top banking products and start to find a credit union that works for you. Click here, then scroll down the page to find the cards.
One of the hallmarks of credit unions is that they tend to be exclusive. For instance, one of the largest credit unions only does business with Boeing employees. However, this roundup introduces 16 credit unions that have practically no membership requirements. Interested customers may need to guarantee $5 minimum deposits and in some cases, make a donation to an affiliated charitable organization.
The first credit union opened in Germany in 1864, but the bank alternative didn’t reach North America until 1901. That’s when Canadian journalist Alphonse Desjardins introduced the concept to his hometown with a starter 10-cent deposit. Desjardins helped launch the first US credit union just eight years later. This engaging timeline highlights Desjardins, his contributions to credit unions, and how the institutions have evolved over the last 100-plus years. Scroll through the timeline here.
In 1862, Friedrich Raiffeisen created cooperative banks to help farmers escape loan sharks, offering fair loans and community-owned financial services. His vision spread worldwide, leading to credit unions with over 140 million members in the US alone today.
Proponents of credit unions often point to the fact they’re not-for-profit cooperatives instead of for-profit businesses as a key selling point. This explainer dives into what this looks like in action—instead of pocketing the profits from interest rates, credit unions reinvest that money into the products and services they offer. For customers, this tends to create a more personal and community-oriented experience.
The United States is home to more than 33 million businesses, the vast majority of which are small businesses, with millions being created (and others closing shop) every year. These businesses often rely on loans, provide the goods and services that keep the economy flowing, and sometimes even grow large enough to enter public markets or provide private investment opportunities. Explore key topics central to business and finance, from the role of the Federal Reserve to how initial public offerings work, how millions of American students finance higher education, and more.