Deciding between credit unions or banks can be confusing but here are a few things to help you decide:
Credit Unions:
- Credit Unions are non-profit
- Only serves their members
- Each depositor will own shares in the credit union
- Members control it
- Members receive lower rates and higher savings rates and free or low cost accounts
- Insured by the National credit Union Administration
Banks:
- Banks are profit oriented
- Serves anyone
- Customers have no stock in the bank
- Have their own board of directors
- Customers/Clients have no control of operations of the bank
- Profits are returned to stockholders only
- Federally insured by the federal Deposit Insurance Company
Therefore, you can see the credit union does offer you more if you want to become a member.