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Credit unions are nonprofit financial institutions that require membership, while banks are for-profit and do not require membership. Banks provide more access to branches and ATMs but suffer when it comes to customer service. Credit unions offer better deals on rates and fees but lack accessibility compared to banks.
The pros of credit unions include better interest rates than banks, while the cons include fewer branches and ATMs. Higher savings rates. Credit unions tend to offer higher interest rates for savings accounts than banks. Lower loan rates.
A bank or credit union may make a soft inquiry on your credit when you open a new checking account to check for a history of fraud. These soft checks do not affect your credit score. However, in some cases, a bank may perform a hard credit check, which does affect your credit score.
Before closing your bank account, transfer your money to your new credit union account. You can do this by direct deposit, wire transfer, or check (written to yourself and depositing it into your new account). ▢ Update automatic payments and direct deposits.
Heres a step-by-step guide on how to switch credit unions smoothly: Research Local Credit Unions. Start by exploring credit unions in your area. Open Your New Account. Update Direct Deposits and Automatic Payments. Transfer Your Funds. Close Your Old Account.

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Members can pay in by: Direct Debit. Standing order. Payroll deduction. Cash in branch. Benefit or wages - please be aware proof of payment may be required.
By Direct Debit from your bank or building society account. A Direct Debit is an automatic service whereby you authorise us to debit the amount of money you want put into your Credit Union accounts from your bank or building society account.

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