What’s the Difference?


Have you wondered what the difference is between a bank and a credit union? They’re both financial institutions. They both offer similar products and services. That’s true and that’s about where the similarities end.

We have all heard countless news stories of various financial institutions merging or changing their name or being bought by one or another. It’s hard to keep all of the players straight in the financial services industry.

We’d like to share with you the differences. This may be helpful to those of you who are looking to switch financial institutions or maybe have yet to ever open an account. Know that when you’re a credit union member, you are part owner of that financial institution and you have a say, no matter how much  money you have. Typically, people qualify for credit union membership through their employer, organizational affiliations such as a church or a social group, or through a community-chartered credit union. There are no stockholders, only a volunteer Board of Directors elected directly from the credit union’s membership.

banker video with play

What’s the difference between Members 1st Federal Credit Union and other non-credit union financial institutions? Take a look:

banks v credit unions

Learn more about the history of the credit union movement:
Historical timeline
The Credit Union Difference
World Council of Credit Unions

 

 

 

 

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