The Credit Union Advantage vs. Banks

It’s a simple concept, “people over profit.” Credit unions were created during the Great Depression, a time of economic chaos, when people were unable to get loans from over-leveraged banks. As a result, people banded together to pool their resources and help one another. While the world has changed, the core value of credit unions—people helping people—remains stronger than ever today. 

Not-for-Profit Credit Unions

For-Profit Banks

Membership funds competitive rates, lower fees and value-added services.

The rates and fees charged customers drive profits for stockholders.

Member shareholders have a policy voice and vote to elect a volunteer Board of Directors.

Paid officers and board members shape policy on behalf of stockholders.

Credit unions collaborate to improve members’ access and services.

Banks fight for customers to muscle out their competition.

Accounts federally insured up to $250,000 by the National Credit Union Administration (NCUA).

Accounts federally insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

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