The Credit Union Difference

You’ve always wondered what the difference was between a Credit Union and a bank. Here’s the straight talk.

A quick comparison on the differences between a Credit Unions and a bank:

Credit Unions:

  • Owned by their Members
  • Focused on Member service
  • Not-for-profit cooperatives
  • Must be eligible to join
  • Earnings are returned to Members
  • Pay payroll, property and sales tax

Banks:

  • Owned by their stockholders
  • Focused on generating profits
  • For profit businesses
  • Anyone can be a customer
  • Profits are distributed to stockholders
  • Pay federal income taxes, although many smaller banks are exempt