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Credit Unions
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Banks
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Credit unions have members, not customers. Everyone with an account has a share of ownership in the credit union. Therefore, you are actually an owner of your credit union and not just another account number.
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Banks have owners, usually a group of investors. Banks exist to make a profit for their owners. |
| Credit unions are democracies. They are run by a volunteer board of directors elected from the membership. Every member has a vote in how their credit union is operated. |
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Banks are run by their investors, who have the sole voice in how things are done. |
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Credit unions are not-for-profit organizations. After expenses are paid and reserves set aside, all money surpluses are returned to the members in the form of higher dividends and lower loan interest rates.
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At banks, only investors see a share of the profits. |
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Credit unions serve only certain groups of members, like those working for a particular employer or living in the same neighborhood. This specialization allows credit unions to focus on the needs of a certain special group of people.
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Anyone may open an account at any bank. Customers sometimes become lost in the shuffle or "just another number."
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