Holiday Closures: Monday, December 25 & Monday, January 1

Credit Unions v. Banks

Credit Unions and Banks. What’s the difference?

Credit Unions Banks
Type of Organization Not-for-profit financial cooperative Generate profit for stockholders
Who Owns It Members Stockholders
Board of Directors Volunteer members (unpaid) Stockholders (paid)
Income Comes From Interest from loans, non-interest income Investments, fees, interest from loans
Income Goes To Members (in the form of better rates and fewer fees) Stockholders
Who Can Join Anyone within a designated field of membership Anyone
Deposits Insured By NCUA (National Credit Union Administration) FDIC (Federal Deposit Insurance Corporation)
Access 3,800 Shared Branches Only branches owned by the bank