Banks and credit unions serve the purpose of managing funds and lending products. The main difference between a bank and a credit union is that banks are for-profit while credit unions are not-for-profit institutions. Banks are privately owned and operated – credit unions are owned and controlled by their members. Being not-for-profit and member controlled, credit unions typically have better rates and less fees.
Credit unions allow members to join based on a common bond – whether it be community and/or industry based. The members of credit unions have a say in who is on the credit union board of directors. Every member’s vote counts! Right now, Bridge Credit Union is holding an election for our board of directors. You can learn more about Bridge Credit Union’s current election here: http://dev21.robintek.com/boardelection/
SOURCES:
https://www.mycreditunion.gov/about-credit-unions/credit-union-different-than-a-bank
