Credit Union vs. Banks

Learn the advantages of a credit union


Credit Unions vs. Banks

So, what is a credit union? During the Great Depression when banks could no longer serve the community, credit unions emerged with the simple concept – “people helping people.” Communities banded together, pooled their resources, and extended loans to one another. Fast forward to today and credit union values are still anchored to serving the people.

The difference between credit unions and banks

  1. Credit unions are owned by members (people like you!). Banks are owned by shareholders.
  2. Credit unions return “profits” to members in the form of lower rates, less fees, and year-end dividends. Banks give all their profits to those shareholders.
  3. Credit unions are chartered to make your financial life easier. Banks are chartered to make money.

Compare Credit Unions & Banks

We're not afraid to compare credit unions and banks side by side.

Not-for-Profit Credit Unions

For-Profit Banks

Membership funds competitive rates, lower fees and value-added services. The rates and fees charged to 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).


Why Choose a Credit Union

It’s a not-for-profit financial institution. We’re like a bank, but instead of being owned by shareholders, we’re owned by members – like you! When we offer low rates, flexible terms, and innovative banking technology – we do it because we’re accountable to you, the membership.

People Over Profit

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. 

Why Choose UNIFY Financial Credit Union

UNIFY is unique among credit unions in our nationwide footprint, meaning wherever you are, we are there to serve you.
Learn more about what makes UNIFY unique among credit unions and how to become a member.

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Direct Deposit Bonus

Enrollment in Direct Deposit means you could win $1K in our quarterly drawing! If you are enrolled for monthly direct deposit of $500 or more, you could win big!

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FREE Checking

Yep… we said FREE. Convenient and flexible, our FREE Checking account is the no-fuss way to manage your money.

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Credit Union Near Me

UNIFY is always near you with 24/7 call center access and branches nationwide including Los Angeles, Orange County, Plano, Texas, and Northwest Arkansas.

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