Credit Unions vs. Banks – What’s the Difference Infographic

Isn’t a credit union just a bank? What’s the difference?! Credit unions and banks are both places to save your money in a savings account, open up a checking account, or take out a loan. Though they have these things in common, they’re actually quite different. Check out this infographic to learn more about what distinguishes a credit union from a bank.

Credit Unions Versus Banks

What’s the Difference?

1. Credit unions are owned by their members, while banks are owned and controlled by investors and stockholders.
2. Credit unions are locally-based and serve the interests of their members; banks are open to the public, and serve the interests of their stockholders.
3. Credit union earnings are paid back to members, in terms of higher savings rates and lower loan rates. Banks are for-profit, and earnings are only paid to stockholders.
4. Taxpayer funds have never been used to bail out a credit union; taxpayer dollars have been used frequently to bail out banks.



Infographic Source: cfcu