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.
Credit Unions:
|
Banks:
|
| 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) |
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