Banks exist to make a profit, while credit unions are not-for-profits that exist to serve their members.
Banks are are owned by shareholders, and credit unions are owned by their members. A credit union’s Board of Directors is elected by the members, and each member of the board serves on a volunteer basis, receiving no compensation.
Banks will try to keep dividends low and interest rates high to turn a profit for their shareholders. In a credit union, the members are the shareholders, so any profit is returned to members as higher dividends and lower interest rates.
How do you protect my funds?
We take our responsibilities to our members very seriously, including the responsibility to protect your money. We insure your deposits up to a combined $250,000 through the NCUA.
We'd love to talk about who we are and what we do. Don't hesitate to get in touch.