News

Credit Unions vs Banks Text Version

This is a text version of the infographic found in the Credit Unions vs Banks news article.

Members own credit unions vs shareholders own Banks

Access

Credit Unions: 24/7 Access

Most credit unions offer mobile and online access to your money anytime, anywhere.

Banks: 24/7 Access

Most banks offer online tools and apps for access to your money on the go.

Ownership

Credit Unions: Owned by its Members

Credit unions are governed by a volunteer board of directors elected by the credit union.

Banks: Owned by Shareholders

Banks are run by individuals who may or may not have an account with the bank itself.

Profit

Credit Unions: Not-for-profit

Lower rates and fees ensure that profits are returned to members. Fees and rates are set with the members’ best interest in mind.

Banks: For Profit

Fees and rates fuel profits that are returned to shareholders. This means that fees and rates are often set with the shareholders’ best interest in mind.

Insured

Credit Unions: Insured for up to $250K

These funds are insured through the NCUA (an independent federal entity).

Banks: Insured for up to $250K

These funds are insured through the FDIC (an independent federal entity).

Branches

Credit Unions: Co-Op Shared Branches and ATMs 

Shared branching means members can generally walk into other credit unions worldwide and complete the same transactions they’d be able to do from their home branches.

Banks: Proprietary Branches

Customer transactions are restricted to bank branches.