//CREDIT UNIONS VS. BANKS
Not sure what the difference is between a credit union and a bank? We'll clear things up in the ultimate money smack-down.
|Have members/owners||Have customers|
|Are not-for-profit||Are for profit|
|Democratically-controlled by members. Each member has one vote in electing board members and can run for election to the board or committees.||Controlled by stockholders and board of directors. Customers do not have voting rights and cannot be elected to the board.|
|After expenses are paid and reserves are set aside, surplus earnings are returned to members in the forms of lower loan rates, higher savings rates and free or low-cost services.||Profits are paid only to investors.|
|Can serve only those individuals
within their field of membership.
|Can serve anyone
in the general public.
|Are socially driven, focused on financial education and improving the quality of life of members around the world.||
Back to THE DIFFERENCE
NCUA - Your non-IRA savings are federally insured to $250,000, IRAs to $250,000, by the NCUSIF, National Credit Union Share Insurance Fund, an arm of the NCUA, National Credit Union Administration, a U.S. government agency.