The Credit Union Difference
Why would I want to bank with a Credit Union?
Credit Unions are member-owned not-for-profit financial cooperatives that exist to serve their members. They can offer you many of the same products and services as a bank, but there are some key differences. The chart below explains how banking with a credit union can offer you distinct advantages.
|Are owned equally by their members||Are owned by their stockholders|
|Return earnings to their members in the forms of lower loan rates, lower fees and higher yields on savings||Return earnings only to the stockholders|
|Are not-for-profit||Are profit-driven|
|Are governed by a volunteer board that is elected by the membership||Are governed by a compensated board that is comprised of majority stock holders|
|Are federally insured by the NCUA (National Credit Union Administration) or a private insurer||Are federally insured by the FDIC (Federal Deposit Insurance Fund)|