 |
Everyone needs a financial institution to safely manage their money, which leads you to needing an account with either a bank or a credit union. Aside from providing a safe place to store your assets, financial institutions also provide many other benefits, such as a place to cash your checks, receive a loan and to take advantage of the multitude of online money management services. How do you make the decision on whether a bank or credit union is right for you? Let’s take a look at some key financial decision making points, and you decide.
|
Credit Unions |
Banks |
Are owned by account holders, known as Members. |
Are owned by stockholders. |
Are non-profit cooperatives, organized to provide financial services for its Members. |
Are organized to earn a profit off its customers for its stockholders. |
Profits are shared by Members through higher savings rates, lower loan rates, and low or no fee services. |
Profits are returned to the stockholders. |
Voluntarily reinvest in and serve their communities. |
Congress enacted a law to force Banks
to reinvest in their communities. |
Every Member has an equal vote in their Credit Union. |
Banks are run by the stockholders. |
The Board of Directors are unpaid volunteers, elected by you, the Members. |
The Board of Directors are paid,
and elected by stockholders. |
In short, if you are looking for a financial institution where you are more than a dollar sign, a credit union is the perfect choice. You are the owner, so your voice is always heard, you come first, not profit. |
 |
 |
|
|
|
|
|
|
|
