Munley said the No. 1 benefit of joining a credit union is that all the profits go to the members who are stockholders. According to consumer analysts, for the highest earnings on savings and the lowest fees and rates on loans, credit unions provide the most bang for the buck. Stephen Brobeck, executive director of the Consumer Federation of America, a consumer advocacy group in Washington, D.C., said some banks have more convenience and services but thinks credit unions have an edge when it comes to providing the most affordable traditional banking services. Only when it comes to home mortgages, do banks tend to beat out the credit unions that offer such loans. And most credit unions don't provide the array of financial products and services that large banks have been adopting recently, such as mutual funds and other investment vehicles, as well as insurance.
Banks also have more access to on-line services.
But Munley said American Spirit has virtually all the services offered by banks, including mortgages, financial planning and bank by phone. The only thing we don't have is the fees. Munley said there is no minimum balance requirement and no monthly fee for a checking account at American Spirit. Owned and controlled by their members, credit unions have less overhead expenses than most banks or savings and loans. Such advantages are often reflected in the higher savings rates credit unions offer.