That’s the difference between banks and credit unions in a nutshell.
- Banks are owned by investors who want to see profit; Credit Unions are owned by you, our members, who want someone on their side.
- Banks are all about the $; Credit Unions are not-for-profit.
So, what does that mean? The credit union doesn’t care about making money? Well, kinda. It means your credit union is going to give you lower loan rates, fewer fees, and any profits we do make go back to you, the member, in dividends.
So, what now? Visit your local credit union, starting with the only one on campus.
Extras:
A few links to help you decide ‘why you should join a credit union’:
- MSN article Ditch your bank for a credit union
- U.S. News tells it all in The Benefits of Credit Unions
- banklady.com compares the two in Credit Union Vs. Bank: Which is Best for You?