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

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How are banks and credit unions different?

  • At credit unions, depositors are called members. Each member is an owner of the credit union and has a say in how the credit union’s funds are invested.
  • Since credit union members are owners, each member, regardless of how much money they have on deposit, has one vote in electing board members. Members can also run for election to the board.
  • Credit unions are not-for-profit financial cooperatives, whose earnings are paid back to members in the form of higher savings rates and lower loan rates.
  • Credit unions cooperate with other credit unions and share resources to bring convenience and savings to its members. CU Service Centers and the CO-OP ATM Network are just two examples of this cooperation between credit unions.
  • In the entire history of U.S. credit unions, taxpayer funds have never been used to bail out a credit union.

For more information on why and how to move your money from a bank to a credit union, visit BankTransferDay.org or MoveYourMoneyProject.org.

Related Reading:

Bankers Decide Their Own Regulations

Bank Of America Cancels Debit Card Fee Plan

Are Fed Bankers Colluding To Enrich Themselves?

Special thanks to my local credit union, PSCU, for providing these facts!

Image Credit: Flickr – fibonacciblue

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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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Beth Buczynski Beth is a freelance writer and editor living in the Rocky Mountain West. So far, Beth has lived in... more
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