Tired of the cold, impersonal approach often found at big banks? Longing for a more human touch and a sense of greater connectivity with your community? You may want to consider using a credit union.
Credit unions are not-for-profit organizations, democratically controlled by its members. They work hard to establish deep roots within the communities they serve and promote sensible savings habits among its members. They offer many of the same services that big banks do, such as savings accounts, checking accounts, loans, and the like, but usually at a much better prices. Banking fees, in particular, are one of the reasons why people are turning to credit unions in recent years, even if it comes at a loss of convenience.
Still, when comparing credit unions to big banks, customer satisfaction is much higher among credit union customers.
Use the chart below, courtesy of FindTheBest.com, to compare credit unions. There are over 6,000 results, so use the filters below to narrow down the results to find one that fits your needs the best.
About Net Worth
Credit unions are assigned a classification – the Net Worth Classification – by the National Credit Union Administration (NCUA) that acts as an indicator of the risk involved in that union. The classification is based on the total assets of the credit union and a risk assessment of the union’s investments.
- Well capitalized unions have a net worth ratio of seven percent (7%) or greater and meet any applicable risk-based net worth requirement under 702.103 through 702.108.
- Adequately capitalized unions have a net worth ratio of at least six percent (6%), but less than seven percent (7%). They also meet any applicable risk-based net worth requirement under 702.103 through 702.108 below
- Undercapitalized unions have a net worth ratio of at least four percent (4%),but less than six percent (6%). They fail to meet any applicable risk-based net worth requirement under 702.103 through 702.108
- Significantly undercapitalized unions have a net worth ratio of at least two percent (2%), but less than four percent (4%) or a net worth ratio of at least four percent (4%) but less than five percent (5%), while either failing to submit an acceptable net worth restoration plan within the time prescribed in 702.206, failing to implement a net worth restoration plan approved by the NCUA Board.
- Critically undercapitalized unions have a net worth ratio of less than two percent (2%).