Credit Union vs. Banks
The bottom line for the difference between credit unions and banks is profit. While banks are larger, for-profit businesses that operate in the interest of making the bank more money, our credit union is a local nonprofit institution invested in serving our members. As a member-owned organization, USECU operates by its members, for its members. This allows us to offer competitive interest rates, better customer service, and member benefits and financial services tailored to the needs of our USECU community.
About Credit Unions
According to the National Credit Union Administration (NCUA), an independent federal regulatory agency in charge of the credit union industry:
A credit union is a nonprofit, cooperative financial institution owned by its members. Organized to serve, democratically controlled credit unions provide their members with a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one another. The volunteer board that runs the credit union is elected by the members. Not for profit, not for charity, but for service is a credit union motto.