Credit Unions vs. Banks: What’s The Difference?

Most people don’t know the difference between credit unions and banks. But, there are distinctions that can save you money and brighten your financial future.

Here’s a quick comparison of credit unions versus banks:

  • Credit unions are member-owned, so your money works for you instead of paying big bank executives
  • Account fees are lower because profits are returned to members
  • Credit unions offer lower interest rates on loans and higher interest rates on savings
  • Most credit unions and banks are connected to national ATM networks
  • Banks tend to utilize automated responses and voicemail trees for customer service. Credit unions tend to provide more 1-on-1, human communication
  • Most credit unions and banks offer online and mobile banking, including access to account balances and online payments and transfers
  • Credit unions require “membership” – but it’s typically easy to join: You just need to live, work, worship, attend school or volunteer where the credit union is located
  • When you join a credit union, your entire immediate family also automatically gets membership

With bank fees and interest rates climbing, a record number of people are joining credit unions for the minimal fees, superior interest rates, and personalized service.

Ready to Switch from Big Banking? Reach out to us today!

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A $15 Convenience fee will be automatically added to your payment amount. Your maximum total payment amount (including the $15 convenience fee) cannot exceed $600. Payments initiated and approved by 3:00pm will be applied to your loan on the same business day. Payments initiated and approved after 3:00pm, or on a day that the credit union is closed (weekends and holidays), will be applied on the next business day. If you have a PFFCU debit card, please log into home banking to make your loan payment.

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Excludes mortgages and home equity lines of credit. A $25 fee is due at set-up for each loan. Loan must have been open for at least 6 months. Past due accounts do not qualify. One skip-a-pay allowed per calendar year (Jan-Dec).

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