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What is the difference between a regular bank and a credit union?

What are the benefits of banking with a credit union? Should I switch from my bank to a credit union?

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3 Responses to “What is the difference between a regular bank and a credit union?”

  1. the tax lady said:

    To join a credit union, you must meet the affiliation criteria, though I expect you do.

    For low balance accounts, a credit union is wonderful. Lower fees, etc.

  2. Rudy said:

    A bank is a for profit company, and they let anyone join. All deposited are covered up to Limits by the FDIC.

    Credit unions are owned by the members. Most of them have rules to limit who can be members. Deposited are insurance as well but with a different group.

  3. Mel M said:

    Credit unions are financial institutions, like banks. They offer many of the same products and services — savings accounts, checking accounts, ATM/debit cards, credit cards, auto loans, mortgages, home equity loans, etc. Both have deposit insurance so your money will be safe. The main difference from your viewpoint as a consumer is that you can become a customer of any bank, while credit unions can only serve people who fit in their “Field of Membership.” Some credit unions are sponsored by a company and only the employees can join. There are numerous credit unions that have “community charters” which allow them to serve people who live within a defined geographic region (i.e. city, county, zip codes, etc.).

    Most of the time credit unions offer better rates and have fewer fees than other financial institutions. Banks have more branch offices than credit unions.

    Hope this helps. Good luck!




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