| Credit Unions | Banks | What does this mean? |
|---|---|---|
| Not-for-Profit | For-Profit | Credit unions return earnings to members in the form of higher rates on savings, low-to-no fees and lower loan rates—banks exist to earn a profit for stockholders or bank holding companies. |
| Owned by Members | Owned by Stockholders | Credit unions are not-for-profit and owned by the very people we serve, members just like you. We exist solely to serve our members, not to enrich a group of stockholders. |
| Financial Cooperative | Corporate Business | Most credit unions work together in a cooperative network that gives members free access to over 28,000 ATMs, along with access to branch locations nationwide. Whereas, banks mainly operate independently and customers must use their branches and ATMs or pay. |
| Democratically-Elected Volunteer Board of Directors | Paid Board of Directors | Credit unions are run by a volunteer board of directors, who are elected by members. Every member has an equal vote in director elections. Credit unions are democracy in action. |
