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9 February, 13:58

What are the main differences between credit unions, banks and life insurance companies in how they serve the financial system?

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  1. 9 February, 14:07
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    While banks and credit unions are both financial institutions that offer similar services (checking and savings accounts, auto loans, and mortgages), the main difference between a bank and a credit union is that "customers" of a credit union are members, and they own the institution. A bank is a company, and like most companies, a bank aims to maximize profits for its shareholders. A credit union is a cooperative - and often not-for-profit - institution that is owned by its members (customers) who democratically elect a board of directors. Credit unions tend to focus on members' needs and attempt to provide credit at reasonable rates. There are pros and cons to participating in either financial institution.
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