If you are feeling at your wit’s end with you bank, odds are you’re not alone. Banks are notorious for fees, hidden penalties, and poor interest rates. You do have options when it comes to managing your money. A credit union just might be the right choice for you. See below for some pointers on credit unions and then compare to your current banking situation. Decide which financial institution is best for your needs.

Member-Owned: Since credit unions are member-owned, you actually have a part in the ownership in the enterprise if you have an account. This results in an elevated quality in customer service. You most likely will not be seen as just another number.

Non-profit: Better interest rates and few fees are the benefits of a credit union being a not-for-profit organization. If the credit union were to make profits, they are distributed as dividends among their members. This element of credit unions is one of the biggest advantages they have over banks.

No Taxes: Since credit unions are not-for-profit they are exempt from most state and federal taxes. This status allows credit unions to improve their interest rates, reduce fees, and cutting their telephone hold time.