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Tag: Big Bank vs. Online Bank vs. Credit Union

Big Bank vs. Online Bank vs. Credit Union

Posted on December 24, 2022December 25, 2022 by Jared Rogers

Need to open a bank account but confused on what type of “bank” is best for you? Big Bank vs. Online Bank vs. Credit Union – what’s the difference?  Learn the pros and cons of each type of lending institution and how to choose the best one based on YOUR wants, needs and goals from the information in this post! Traditional Banks When people hear the term traditional bank, they typically think of one that has a brick and mortar presence. They also tend to think of the big four players in the industry, which are Bank of America, Citigroup, JP Morgan Chase and Wells Fargo. Now while these are the largest players in this category, it’s worth noting that the category is very broad and includes regional banks such as Regions Financial and BB&T as well as smaller local, community and neighborhood banks. The biggest reasons to choose a traditional bank are technology and convenience. The biggest drawbacks to them tend to be an impersonal feeling when it comes to the customer experience, fees being on the higher end when compared to other types of banks and interest rates on deposit accounts being on the low end. Now let

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