Financial & Economic Blog

I have been working in the IT/financial services industry since 1993.  Specifically, I have been working directly with the credit union movement in regards to financial institutions.  To this day, it amazes me that more people are not well versed when it comes to the differences between credit unions and banks.

Whenever I meet new people outside of work, one of the first topics that comes up in conversation is occupation.  When I tell people that I work at a credit union, they are taken back.  A credit union?  Yes, a credit union.

So what is a credit union?  A credit union is a cooperative financial institution that is owned and controlled by its members.  Depending on which credit union you decide to join, your credit union will more than likely provide you with the same products as a bank…but with much better service!  Credit Unions are obsessed with providing their members with the best service possible.  In addition, most credit unions will offer their products and services with much better pricing than banks.

Banks are owned by stockholders who mainly care about the profits and revenues of the institution.  Credit Unions are run by a board of volunteers who look out for the best interest of the credit union. In addition, credit unions tend to offer lower loan rates and higher dividend rates when compared to banks.

For more information on credit unions, please read this:  http://en.wikipedia.org/wiki/Credit_union 

When you’re ready to join a credit union, you can find a list of credit unions near you be clicking here.