Many Americans don’t know the difference between a credit union and bank. While there are many similarities, there are also many important differences, so we want to take a moment to answer your questions so you are well informed.
What Is A Credit Union?
When you open an account at a credit union, you receive a share, automatically become an investor as well as a member of your credit union. When the company makes a profit, the earnings are distributed to you and other members as investors or owners of the company.
At a bank, you are simply a customer lending your money to the financial institution so they in turn can turn around and loan your money to others.
Eligibility of Members at Banks and Credit Unions
Generally, credit union members belong to an institution, religious or charitable organization or sometimes to the general public of a geographical region.
A bank, however, is open to the general public.
The FCACU Advantage
Whether it’s an interest in online banking, mobile banking, getting help establishing a budget, applying for a loan or refinance, or any other financial concern, our team is here for you. You have the backing of 85 years of “first class” service. Our team always has a creative approach and positive attitude with helping our members. If you’re interested in becoming a member of our credit union and enjoying the benefits that membership entails, contact us today and we’ll open your account!