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Looking to choose between a bank vs. credit union? While both protect your deposits up to $250,000 and offer essential banking services, they operate quite differently.
The main difference between the two is that banks are typically for-profit institutions while credit unions are not-for-profit and distribute their profits among their members. Credit unions also ...
A branch of the Coastal Federal Credit Union in Raleigh, North Carolina. A credit union is a member-owned nonprofit cooperative financial institution.They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (cheque accounts), credit cards, credit, share term certificates (certificates of deposit), and online banking.
This is a partial list of credit unions in the United States.. A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. [1]
Although credit unions offer the same financial products and services as traditional banks, one big difference between credit unions and banks is who insures their money.
Credit unions therefore often have a higher “cost of assets” (i.e. interest expense as a percentage of average assets) than commercial banks, with aggregate U.S. credit union cost of assets being higher than the aggregate U.S. bank cost of assets in eight of the thirteen years between 1995 and 2007.