Five Star Rating For Our Financial Strength And Superior Service
Credit Unions vs. Banks Banner

Credit Unions vs. Banks

Credit Unions

are not-for-profit institutions. Earnings are returned to credit union members in the form of dividends.

Banks

are for-profit businesses that seek to make money to pay stockholders. No dividends are returned to bank customers.

Credit Unions

generally offer higher savings rates and lower loan rates. Credit unions, on average, also charge fewer fees and offer better credit card interest rates.

Banks

usually offer lower rates on savings products and charge higher interest on loans and on credit cards. Bank fees tend to be more expensive as well.

Credit Unions

are owned by their membership base. Credit unions are democratic institutions that welcome each member as an owner.

Banks

are governed by outside interests. Bank customers have no control or voice in bank matters.

Credit Unions

have members, not customers. The members are typically associated with a specific employer, community or are part of another organization.

Banks

allow almost anyone to become a customer. There are no requirements for community ties or organizational relationships.

Credit Unions

create educational forums to advance the financial education of their members.

Banks

offer few policies aimed at educating their customers.

Credit Unions

board members serve voluntarily. The board is elected by the credit union's members.

Banks

board directors are appointed by the bank's stockholders. As paid directors, they seek to create policies to increase earnings for the bank.

Share Branch NCUA Equal Housing Lender