What is a Credit Union?

While credits unions look like a bank from the outside and offer similar services and products, they are very different on the inside.

Credit Unions are member-owned, not-for profit financial cooperatives – which means they exist solely to help their members succeed financially. Review the chart below to discover the difference:

Credit Unions Banks
Not-for-profit For profit
Credit unions return earnings to members in the form of lower loan rates, higher savings rates, and free or low-cost services. Banks return profits to shareholders.
Each person who deposits money into the credit union is a member with a share of ownership. Customers have no ownership in the corporation.
Credit unions are controlled by a Board of Directors elected by members. Banks are controlled by stockholders who elect the Board
of Directors.
Credit union board members are volunteers. Bank board members are generally paid for their service.
Credit unions are only allowed to serve a select group of
individuals that have a common bond such as where they work, live or even their religion.
Banks can serve anyone in the general public.

Take advantage of the credit union difference today. Learn how to become a member.