Why are credit unions better than banks?
Why are credit unions better than banks?
Credit unions and banks provide similar services, but credit unions are member owned, which means they return extra earnings to members, not corporate stockholders. This means you will usually find that credit unions offer better rates, lower fees and more free services.
How are credit unions different than banks:
|
Credit Union |
Banks |
Difference |
| Owned by its members | Owned by its stockholders | Credit unions exist to serve our member-owners, not to benefit corporate stockholders. |
| Financial cooperative | Corporation | Credit unions make every effort to meet the needs of their members by sharing ownership and making decisions democratically. |
| Board of Directors elected by members | Paid Board of Directors | Credit Unions are democratically governed by officials elected from the field of membership representing the interests for the cooperative. |
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