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So, what’s the real difference between a bank and a credit union?
Let’s start with ownership.
A bank is owned by shareholders.
A credit union is owned…by its members!
This means a bank must turn higher profits to satisfy the shareholder demand for income. They tend to have higher and more fees, and they also charge more interest on loans as a result. Credit unions, on the other hand, can keep things affordable for their members.
It also means big decisions for banks are often made by outsiders, while credit union members have a say in how the institution is run.
In a credit union, membership means ownership. And that means more money in your pocket and more focus on serving your financial needs!