March 13, 2009
This week's question is one that I'm often asked by friends and family when I tell them that I work for a credit union.
Friday Feedback - The Difference? You Own Your Credit Union
What's the difference between a bank and a credit union?
There are many differences between these two types of financial institutions. One of the biggest differences is that credit union members actually own the credit union.
When you join a credit union, you open a share account (a savings account) that grants you membership into the credit union. As a member, you have the chance to vote for and elect a Board of Directors that works with the credit union staff to govern interest rates and other issues surrounding the credit union. It's a true democratic process.
While banks are resposnsible to their stockholders, credit unions act in the best interest of their members. This typically means higher rates on deposit products and lower loan rates.
If you're unsatisfied with your bank and want to take ownership of your personal finances, join a credit union. If you're looking to do business with a financial institution committed to bringing you the best products and service, join Financial Center. Visit our website at www.fcfcu.com to become a member today.