Why choose a credit union?
Why should you consider a credit union?
Credit unions help hard working people, like you, work, live, and thrive. Their not-for-profit, member-owned structure ensures that earnings benefit members’ financial well-being. Here are just a few examples of the advantages of being a credit union member:
Credit unions are focused on you, not shareholders.
- Credit unions have an interest in making their communities stronger and are focused on helping their members meet their financial potential.
- At a credit union, you can get more personalized service than you might receive at a bank.
Because credit unions are not-for-profit and serve their members, profits are shared with members through:
- Higher yields on savings accounts
- Fewer and lower fees
- Lower loan interest rates
- Individualized lending flexibility
How is a credit union different from a bank?
Below is a simple snapshot that illustrates the difference between credit unions and banks.
Bank
- For Profit
- Stockholder Owned
- Shareholder Driven
- Insured by FDIC up to $250,000
- Board of Directors are Paid
- Typically Large, Nationally Based
- Make Money for Shareholders
Credit Union
- Not-for-Profit
- Member Owned
- Member Driven
- Insured by NCUA up to $250,000
- Board of Directors are Volunteers
- Community Based
- Make Money for Members
Learn more about the differences between a bank and a credit union.
Credit Unions Build Stronger Communities.
Credit unions have an interest in advancing their communities because they are owned by the members they serve every day. That’s why they work so hard to improve members’ savings; help them invest in their homes, businesses, and education; and secure a stronger financial future. No matter what life brings, America’s credit unions have been there to help strengthen the financial lives of individuals, families, and businesses in their communities.
Check out the impact credit unions have in your state.
More Reasons to Choose a Credit Union
In addition to better rates and lower fees, credit unions offer more personalized service to help you achieve your life goals. Unlike banks, credit unions' mission is to serve their community and their members. Learn more about some of the reasons why you should consider a credit union over a bank.
