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 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
|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.