Hi Chris

First off, at a credit union you’re a member/owner not a customer. That’s the big difference between a bank and a credit union. We work for the financial benefit of members and don’t concentrate on how much money we can make off you to pay to stockholders. Sure we need to make enough money to pay salaries and the light bill but not to line the pockets of stockholders. The credit union motto is Not for Profit, Not for Charity but for Service.

As a member owned and focused financial institution, credit union’s normally pay more in interest on deposits, charge less interest on loans, and even though we have fees they are usually much less that at banks. Many consumer advisors recommend that if you’re tired of dealing with a bank, try locating a credit union you can join and most likely there is one.

And since credit unions are financial cooperatives we cooperate with each other so we don’t have to re-invent the wheel, so to speak. As an example, many credit unions participate in a shared branching network. This gives the members of those credit unions access to branches all over the country A member of credit union A can go to credit union B to transact his teller assisted transactions. You won’t find the banker sending you to another bank.

Thanks for the question.

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