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Credit Unions vs. Banks

Untitled Document What are the Key Differences?

Credit Unions   Banks
Are not-for-profit institutions   Are profit-oriented institutions
Can serve only those individuals within their field of membership   Can serve anyone in the general public
Have members, each person who deposits money has a share of ownership   Have customers with no ownership in the organization
Members elect a volunteer Board of Directors to represent their interests   Have a paid Board of Directors who represent the owners; customers do not have voting privileges
Democratically controlled by members   Controlled by stockholders and paid officials
Are member service-driven   Are profit-driven
Return profits to members in the form of lower loan rates, higher savings rates and free or low cost services   Return profits to a small group of stockholders
Christian Community Credit Union is privately insured by ASI up to $250,000 per account Banks   Are federally insured by the Federal Deposit Insurance Corporation