Even though Syracuse is among the relatively small cities of USA, there are lots of banks and credit unions in it.Read on and find out more about this.
Banks are credit unions both work with money, loans, and credits, but they offer different options. Banks offer some features better and others are in favor of credit unions.If you’re about to choose between these two, read this article to learn the differences between them.
Why choose a bank
Banks are generally bigger and more complex institutions. This means they have both pros and cons when clients are in question. Here’s what banks are better for:
Banks have a wider coverage
Since banks are big companies and often parts of giant corporations, they are available in many cities around the state, country, and the world. They have lots of ATM’s and branches in almost every bigger city around the country. See this amazing document about ATM’s in the USA.
That means you can feel comfortable knowing that no matter where you go, you’re protected by their employees. Having a branch in every city means you can ask for help anywhere you go. It doesn’t matter if you’re home or you go vacationing somewhere.
More available technology
Even if there’s no physical coverage somewhere, you can be sure that a simple phone call will cover you. If you have some problem, you can reach them from everywhere.
Also, as we mentioned, they have lots of ATM’s. Big companies have a lot of resources for making their services more available to their clients. Unlike smaller companies, the big ones can make you feel covered wherever you go.
The technology is in the internet apps and internet coverage today. These banks offer specialized apps for payment just as lots of other different options. Today, technology offers not just payment, but even asking for credit lines over the internet. Apps on your Smartphone can make your life a lot easier if the bank has a good internet sector.
Why choose a credit union
Credit unions are smaller institutions and differ in one very important part – the ownership. They are owned by the people operating the union. Actually, that’s why they are called unions. Learn more about them here: https://en.wikipedia.org/wiki/Credit_union
They are pretty personalized
Starting from the fact they are made from customers to customers, it’s clear that you can generally spend better time in their offices talking to people who actually understand your problems and would like to help you.
Knowing that people working in such institutions are there because they probably once had a problem same as yours make everyone more comfortable. Also, employees in credit unions are most often a part of the management.
The credit unions have owners or members. This means they care about the people working for them and with them. If banks have clients, these guys have just more members in their union.