Credit Union or Bank?

[Sportsdude]

 I want to set up a canadian account since I have cheques to cash in which is better?  

[Russ]

Depends on what you want and what they offer.

Credit unions are usually small and local, while banks are large and international.

See what each offers you for cashing your cheques.

[JJ]

If you have one near you try Coast Capital Credit Union they offer free checking accounts.  The banks service charges are bad.

[Lil Me]

Coast Capital or VanCity if you philosophically prefer a Credit Union to a big bank.
 
 But, ultimately, see what's close to the College.  Ask if the closest bank offers free (or cheap) banking services for students.  Many do.
   

[Sportsdude]

what's the true difference between credit unions and banks. I'm going to be doing a lot of travel in the future, so would a local van island credit union card work in Nova Scotia or somewhere?  

[P.C.]

I don't know that much about Credit Unions.  But as for service charges, our Credit Union is no cheaper than our bank.  (personally I don't care for the Credit Union)

  I don't know this for certain, but for accessability, I would think a bank would serve you better.

    [TABLE cellSpacing=2 cellPadding=3 width="100%" border=0] [TBODY] [TR align=middle bgColor=#330000] [TD][FONT face=Tahoma color=#ffffff]Credit Unions[/FONT][/TD] [TD][FONT face=Tahoma color=#ffffff]Banks[/FONT][/TD][/TR] [TR bgColor=#cccc99] [TD width="50%"][FONT face=Tahoma size=2]Are not-for-profit institutions[/FONT][/TD] [TD][FONT face=Tahoma size=2]Are profit-oriented institutions[/FONT][/TD][/TR] [TR bgColor=#cccc99] [TD width="50%"][FONT face=Tahoma size=2]Can serve only those individuals within their field of membership[/FONT][/TD] [TD vAlign=top][FONT face=Tahoma size=2]Can serve anyone in the general public[/FONT][/TD][/TR] [TR bgColor=#cccc99] [TD width="50%"][FONT face=Tahoma size=2]Have members, each person who deposits money has a share of ownership[/FONT][/TD] [TD vAlign=top][FONT face=Tahoma size=2]Have customers with no ownership in the organization[/FONT][/TD][/TR] [TR bgColor=#cccc99] [TD width="50%"][FONT face=Tahoma size=2]Members elect a volunteer Board of Directors to represent their interests[/FONT][/TD] [TD align=TOP][FONT face=Tahoma size=2]Have a paid Board of Directors who represent the owners; customers do not have voting privileges[/FONT][/TD][/TR] [TR bgColor=#cccc99] [TD width="50%"][FONT face=Tahoma size=2]Democratically controlled by members[/FONT][/TD] [TD][FONT face=Tahoma size=2]Controlled by stockholders and paid officials[/FONT][/TD][/TR] [TR bgColor=#cccc99] [TD width="50%"][FONT face=Tahoma size=2]Are member service-driven[/FONT][/TD] [TD][FONT face=Tahoma size=2]Are profit-driven[/FONT][/TD][/TR] [TR bgColor=#cccc99] [TD width="50%"][FONT face=Tahoma size=2]Return profits to members in the form of lower loan rates, higher savings rates and free or low cost services.[/FONT][/TD] [TD vAlign=top][FONT face=Tahoma size=2]Return profits to a small group of stockholders[/FONT][/TD][/TR] [TR bgColor=#cccc99] [TD width="50%"][FONT face=Tahoma size=2]Are federally insured by the National Credit Union Administration[/FONT][/TD] [TD][FONT face=Tahoma size=2]Are federally insured by the Federal Deposit Insurance Corporation[/FONT][/TD][/TR][/TBODY][/TABLE][BR clear=all]




   

[Sportsdude]

hmm credit union still hasn't changed my mind I'm going with RBC.  

[purelife]

RBC probably has a good student rate, heck I think most major banks have a student package.  You might want to consider TD Canada Trust if you're into banks than credit unions.

I personally prefer credit unions over banks.