What’s the difference between a credit union and a big bank?
Google defines a credit union as a non profit making money cooperative whose members can borrow from pooled deposits at low interest rates. They really care for the people and have their best interest at heart. A credit union is like. Friends and family saying here take this loan we know you’re good for it. Big banks are for profit and most times they have obligations to their shareholders instead of the people.
- Credit unions focus on how their investments will benefit their members.
- “Credit unions are crowd sourced, crowd funded peer-to-peer networks.” – Todd Clark, President & CEO, CO-OP Financial Services
- Credit unions are for people, not profits.
- Credit unions are a best kept secret. They’re small so they get to know you. They offer everything that a big bank does, but unfortunately many people feel like they can’t join a credit union. Although there are some credit unions that have certain requirements like being a fire fighter, or have served in the military everyone is eligible to join at least one credit union.
- Usually higher saving rates and lower loan rates.
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