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Thinking about building your credit without depending on a private bank? Opening an account with the Fed. Credit Union on your campus might be the right choice for you.

Pros

- Credit Unions are non profit and members benefit by receiving lower rates and fees.

- Credit union deposits are insured under the National Credit Union Admin, meaning deposits of $250,000 and less are protected.

- By becoming a member of a credit union, you are essentially taking part ownership of the union. This means your interests, rather the interests of some distant shareholder, are top priority.

Cons

- Credit Unions are usually locally based. So unlike if you an account with Bank of America or Chase, withdrawing and depositing money can be more difficult when you are away from home. However, there is national network of 800,000 ATMs worldwide via which credit union customers can withdraw with out a surcharge.

- If you’re looking for banking options more complicated than a savings, checking and credit account, you might be better of using a traditional bank.

- If you sign up for a credit union account, you will likely have fewer online banking options than if you sign up with a large national bank.