Credit unions also offer more ease in obtaining loans and a more personalized approach to customer service. Profits are returned to the members in the form of lower loan rates, higher deposit rates and new products. A key difference is that credit unions are owned by their members and not by investors/shareholders. Like banks, they offer financial products such as savings and checking accounts, credit cards, auto loans and mortgages. What Is the Difference Between a Credit Union and a Bank?Īlthough both offer similar services, the biggest difference is that a bank is a for-profit institution, while a credit union is nonprofit.Ĭredit unions are member-owned financial cooperatives. Did you know you can save money using any of three entertainment credit unions available to the creative community?
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