OW IS A CREDIT UNION DIFFERENT from A BANK?
Not for profit. |
For-profit corporations who offer a full range of financial products and services. |
Earnings are returned to members through services like free ATMs, better rates and lower fees. |
Earnings go to outside bond and stockholders in the form of dividends. |
Insured by NCUA up to $250,000. |
Insured by FDIC up to $250,000. |
Credit unions are democratically governed and elections are based on a one-member, one-vote philosophy. |
Banks are governed by paid shareholders. Voting rights depend on the number of shares owned. |
More than 30,000 surcharge-free ATMs. |
Banks require customers to use their branded ATMs and branches for services or pay fees. Some services are unavailable outside the bank. |
Credit unions are local, community based financial institutions. Members support their local communities when they bank at a credit union. |
Banks are big! The average size of a bank is double that of a credit union. |
Credit unions have members, not shareholders. |
Banks have customers and shareholders. They must make money from their customers to please shareholders. |
Go to main navigation