00:00maybe the pandemic has prompted you to make some changes to your finances joining a credit union
00:09may be one way to get more flexibility and have your needs served first see credit unions are not
00:15profit-driven businesses like banks they're governed by their members many of whom volunteer
00:19to serve as board members committee members or in other roles according to u.s news and world report
00:25credit unions have less rigid eligibility requirements lower interest rates deposits
00:29are insured the same way as banks and there are greater financial literacy resources there are
00:35cons like limited financial product offerings and fewer physical branches as forbes points out there
00:40are also fewer atms and credit unions although they have stepped up their technology game still lag
00:46behind banks when it comes to their app and online features however can the benefits outweigh the cons
00:52according to a credit union national association report the average annual financial benefit to
00:57a single credit union member is 85 for households it was 178 huffpost also points out that during the
01:04pandemic banks are tightening lending standards slashing credit lines and making it tougher for
01:10lower-income customers to get by
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