Advancial - The Credit Union Difference

The Credit Union Difference

Why join a credit union instead of a bank? Seventy-five million satisfied credit union members throughout the world will tell you why: quality service; competitive loan and savings rates; absolute security. Best of all— ownership in their financial institution.

When you become a credit union member, you're really joining a financial cooperative. Together, you and your fellow members pool your savings in order to offer loans, savings dividends and financial services to other members. Unlike banks, where profits are paid to stockholders, your credit union's "profits" are returned to you, and to your fellow members, in the form of better rates, lower fees and superior service.

Credit Unions	Banks
Not-for-profit cooperatives	Institutions run for profit
Return earnings to members through lower loan rates, higher savings rates and free or low-cost services	Return profits to a small group of stockholders at the expense of their customers
Make loans only to their members, which both serves their membership and assures that capital remains within the community	Often make loans to outside borrowers, including foreign countries and commercial enterprises
Have member/owners-each person who deposits money has a share of the ownership	Customers have no rights of ownership
Board of Directors is elected by the membership	Customers have no voting privileges
Have a volunteer Board of Directors that serves for no compensation	Have a paid Board of Directors that serves for financial gain
Can serve only those individuals within their field of membership	Can serve anyone in the general public
Are service driven- we care about people	Are credit driven and care only about profits
Believe competition benefits all consumers	Try to eliminate competition through legislation and lawsuits