We know that many people don’t know the difference between credit unions and banks. To an outsider, it can be tricky!
That’s why it’s important to know the difference and to learn why your money might be better off in a credit union than with a big bank.
1. Credit unions are non-profit organizations that exist to serve their members rather than to maximize corporate profits. Translation: We work for you, not to make a profit.
2. Credit Unions are member-owned institutions with a strictly voluntary board of directors. Translation: We actually care.
3. Credit Unions offer the majority of the same services, checking, savings, loans, mortgages, CD’s, etc. Translation: We do all that + more.
4. Credit Unions often have higher interest-earning rates and lower loan rates than banks. Translation: More money in your pocket.
5. Credit Union funds are operated by the NCUA, a federal government agency, while banks are operated by the FDIC. Translation: Your money is safe with us.