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!