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What makes a credit union different from a bank?

You're in your early twenties and you're beginning to think about the best options for your money. Whether you're beginning college or getting ready to graduate, it's never too late to begin exploring your financial options.

Banks and credit unions are all over the place and each experience seems nearly the same. However, we must point out that the two are totally different behind the scenes! Let's just go over the basics:

Unlike banks, when you deposit your money at a credit union, you're buying a share of the company. This is why people who do business with credit unions are referred to as "members," not "customers."

In addition, credit unions don't operate for the sake of profit, which is another thing that makes them different from banks. Any profits earned from a credit union are what allow them to offer lower rates than what is usually found at banks.

If you're attempting to find a financial institution and you like the idea of being part of a cooperative, joining a credit union may be beneficial for you. Check it out!



Posted: 3/28/2013 with 0 comments

Categories: Finances



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