1 year, 4 months ago
via credit-qna.com
What is the difference between a bank and a credit union?
Should I consider moving my money to a credit union? Am I considered a shareholder at a credit union? What are the benefits of staying with a bank?
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M$1 Answer
Credit unions are not-for-profit financial cooperatives that conduct business for the mutual benefit and general welfare of their member-owners. Banks are for-profit financial corporations who conduct business to maximize the price of its stock and profit for stockholders.
In most credit unions you will be considered a shareholder because credit unions are ran by their customers.
You should consider moving your money to a credit union. Credit unions are member-owned. If you have an account at a credit union, you're a part owner in the enterprise. Credit unions are not-for-profit. This status helps explain why interest rates tend to be significantly better, and fees fewer and smaller, at credit unions than at banks. Any profits credit unions do make are distributed as dividends to their members.
In most credit unions you will be considered a shareholder because credit unions are ran by their customers.
You should consider moving your money to a credit union. Credit unions are member-owned. If you have an account at a credit union, you're a part owner in the enterprise. Credit unions are not-for-profit. This status helps explain why interest rates tend to be significantly better, and fees fewer and smaller, at credit unions than at banks. Any profits credit unions do make are distributed as dividends to their members.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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