I Can Own a Credit Union!
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What's the difference?
While banks and credit unions offer similar services, your credit union is totally different in the way it's organized and how it operates.

Let's compare

Banks offer financial services to customers—the people and businesses who deposit and borrow from the bank. Banks can serve anyone and everyone. Originally, banks mainly served the individuals and businesses in their local community or town.

Times have changed and banks have gotten larger and are capable of lending millions to major corporations, and some even grant loans to other countries. With such a widespread market some banks today operate only on the Internet.

Banks also have a different business model. Banks are in business to make a profit to pay their stockholders for their investment of cash. A paid board of directors and senior managers run the bank.

The credit union difference

Which industry is bigger—banking or credit unions?

By comparison, credit unions are financial cooperatives. A cooperative is an enterprise or organization owned by and operated for the benefit of those who use its services—the members.

Rather creating profits to benefit a few stockholders as a bank does, a credit union shares its income with its members.

Profit sharing takes the form of higher dividend (interest) rates paid on savings, lower rates charged on loans, and improved services.

The people who use credit union services are members, not just customers. By law, a credit union can serve only the individuals and their families within its chartered "field of membership."

Your credit union's field of membership may cover employees who work for the same company, people who attend the same place of worship, or the residents of a defined community.

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Credit Union National Association, Inc.

This space is for each subscribing credit union's unique invitation to elementary, middle, and high school students.
If no text is added by the subscriber, CUNA displays default text describing why credit unions are important to their members.
Credit Union National Association, Inc.


This space is for each subscribing credit union's unique invitation to elementary, middle, and high school students.
If no text is added by the subscriber, CUNA displays default text describing why credit unions are important to their members.