| The Credit Union Difference |
| A Bank is a financial institution, chartered by the state or federal government, which accepts deposits and makes loans to people and corporations for a profit. |
| A Credit Union is a cooperative, not-for-profit financial institution chartered by the state or federal government, which is owned and controlled by its members and organized to promote thrift and provide credit to those who belong. A credit union may only serve members who share a common bond such as that of employment, community or organization. |
| To understand what makes your credit union different, it helps to know more about just what a bank and a credit union are. While there are exceptions, each institution can be described in a general way. Your credit union may offer many of the same services as other financial institutions. Unlike them, your credit union is not in business to make a profit. It exists to provide you with a safe, convenient place to save and to obtain loans at a reasonable rate. And since it is a cooperative, your credit union is not owned by a company, by an individual, or by some distant corporation with little interest in you beyond how much profit it can make. You own your credit union - or at least a share in it - so you have a say in how it is run. |