Differences between credit union and bank
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Ask yourself, what’s a better bank for me? Well, the answer may be not a bank at all, but a credit union. Here are some things to know to help you get started making that decision.
The top 3 differences between a bank and a credit union
Credit unions are non-profit organizations. Credit unions are owned by you, the member. Banks are owned and controlled by investors.
Locally governed by a volunteer board of directors, you have a vote in electing board members. Numerica is not governed by shareholders looking to make a profit but by friends and neighbors looking out for community well-being.
Credit unions represent Main Street, not Wall Street.
Lending decisions are made locally and on an individual basis. This means when you are eyeing that home of your dreams or need a credit card that will give you the best rate, you aren’t struggling with beating an East Coast timeline. Because Numerica can make local decisions for financing, it means a quicker turnaround to fulfilling your dreams.
Concern for community is a credit union priority. Support from our loyal members has helped to build a strong foundation, inspiring Numerica to give back at least 5 percent of our earnings to causes that lend a helping hand, create leaders and celebrate the community.
Whether working hand-in-hand with members at branches, teaching in schools or creating helpful videos, credit unions are committed to education and training. Numerica strives to break down communication barriers and tackle financial topics to help our members live well.
3. Better rates
Credit unions are not-for-profit and earnings are paid back to you, the member, with better savings rates and lower loan rates. Banks are for-profit corporations with declared earnings going to stockholders.
Make an informed decision by learning more about the differences between credit unions and banks by reading about the 7 Principals of a Credit Union.
Whether you chose a credit union or a bank it is always a good idea to find out about what options are available in your local area.
Get in touch with someone at your favorite Numerica branch if you have questions or to learn more about how Numerica can help your financial well-being.