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As bankruptcy attorneys, we often get asked for financial guidance and advice. Here at Craft Law Offices, we are happy to walk you through the entire bankruptcy process and answer any questions you may have before, during, and after filing for bankruptcy.

One question that our clients ask is: what’s the difference between banks and credit unions? After filing for bankruptcy, it’s important to start taking steps towards building a brighter financial future. And some of those steps may include opening a checking and savings account, or getting a loan. That’s why it’s important to know the difference between these two financial institutions. Here are some of the key differences you should know about:

One of the key differences between banks and credit unions is that banks are for profit and credit unions are not. This means that credit unions are owned by their members, meaning that you must qualify to join– whether it means being a veteran, working for a certain company, etc.

Because of their different statuses, each type of financial institution has its own benefits. For example, banks typically offer more locations and better interest rates, while credit unions pride themselves on their excellent customer service.

Ultimately, it’s always wise to do some research before you join a bank or credit union. See which institution works best for your financial needs and goals and go with them.

For bankruptcy attorneys who want to help you build a brighter financial future, give us a call at Craft Law Offices in Greenville, NC.