Banks and Savings and Loans are financial institutions that are in business to make a profit. They are owned by groups of stockholders whose interests include earning a healthy return on their investments.

A credit union is a cooperative that is owned and controlled by the people who use its services. These people are members. Credit unions serve people who share something in common, such as where they work, live, or go to church.

Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates. Like other financial institutions, credit unions are closely regulated, and they operate in a very prudent manner. The National Credit Union Share Insurance Fund, administered by an agency of the federal government, insures deposits of credit union members at more than 12,000 federal and state chartered credit unions nationwide.

The benefits are clear.

Why not compare them today?

Reprinted (with permission) from the Credit Union National Associations, Inc. & Affiliates