The Credit Union Difference
What's the deal?
First of all, Credit Unions and Banks are similar in many ways. Both offer checking and savings accounts, credit cards, home loans and auto loans. Both also offer similar services like online and mobile banking, digital wallet options, ATM networks, and most offer online tools to help manage your money. However, the similarities end when you start to look at how both are structured and managed.
Board of Directors
Credit Unions are managed by a group of democratically elected Members who make up the Board of Directors. Their job is to guarantee the Credit Union always operates in the best interest of their Members. In contrast, a publicly-held bank may have a Board of Directors who place a higher value on providing returns for shareholders over the needs of their customers.