Many consumers don’t understand the clear and unique advantages that credit unions offer over banks. For a quick overview and great comparison chart that clearly lines out the differences between a credit union and bank, click here.
Credit unions are financial institutions that focus strictly on the needs of their members, with no outside groups receiving compensation from profits, which come in the form of dividends or some other financial reward.
While many people consider credit unions and banks to be the same thing, there are distinct differences between what each entity offers its members. These unique qualities usually fall under the areas of Structure, Membership, Rates and Fees, and Taxes.