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Banks vs. Credit Unions: Which Is Right For You?

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How are banks and credit unions different?

  • Banks’ depositors are called customers. Customers have no ownership interest in the institution. Banks are owned by investors who may or may not be depositors.
  • Banks are owned and controlled by stockholders, whose number of votes depend upon number of shares owned. Customers don’t have voting rights, cannot be elected to the board, and have no say in how their bank is operated. Directors are selected by current directors or by large block stock acquisition.
  • Banks are for-profit corporations, with declared earnings paid to stockholders only.
  • Competition between banks prohibits a sharing of resources.
  • The Savings & Loan bailout in 1980s, as well as the more recent bank bailouts, used millions of taxpayer dollars.

>>Up Next: Credit Unions

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34 comments

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7:16AM PDT on May 27, 2014

I honestly prefer a credit union over big banks. For me, a credit union is a lot easier to deal with compared to banks and the folks at Oak Trust in Plainfield, Illinois just make the experience even better. Check out their website at www.oaktrust.com

10:42AM PST on Mar 9, 2013

thanks

6:27AM PST on Nov 9, 2011

The only way for banks to get it is to leave them. For the ones who do not like Credit unions look into Walmart just remenber if you keep the money on the banks role they get your money.

7:44AM PST on Nov 7, 2011

I joined my first credit union in 1984, and first reduced, then eliminated my dealings with banks entirely. The benefits become obvious immediately. I am glad to see this post outlining them.

10:36AM PST on Nov 6, 2011

Credit Unions

7:40AM PST on Nov 6, 2011

i have moved all of my money out of the bank already, i dont have much money so once i get me a job or start making money with my short stories i will find me a credit union

1:07AM PDT on Nov 6, 2011

Credit Unions Rock! I wouldn't step into BofA if it's President was on fire & needed help! They have stolen & cheated & lied their way into Billions in Profits. Let them reap what they Sow.

1:01AM PDT on Nov 6, 2011

I will most likely be closing my account on monday.

12:51AM PDT on Nov 6, 2011

Thanks for the info.

9:22PM PDT on Nov 5, 2011

I love my credit union. I quit Bank of America long ago. I also stopped using Verizon who supports right wing causes, advertises on Hannity and Beck. I now use Credo Mobile who supports progressive causes.

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