At first glance, there may not seem to be much difference between credit unions and banks. They both offer similar products and services. However, credit unions differ from traditional banks in many ways.
What is a Credit Union?
A credit union is a cooperative, not-for-profit, financial institution, that is owned by its members to meet their financial needs. All earnings that a credit union makes goes back into the organization to benefit its members (the shareholders of the organization) in the form of highly competitive loan and savings rates and fewer fees.
Credit Unions and Banks. What’s the difference?