Credit Unions Versus Banks
Dear Mary: What is the difference between a bank and a credit union? —Justina
Dear Justina: Great question! A bank is a for-profit financial business run by paid board members that’s primary purpose is to make profits for the shareholders.
A credit union is a nonprofit financial business that’s owned by its members and run by unpaid volunteer board members. In a credit union, the profits go back to the members in the form of better rates and lower fees.
To find a credit union you can join, go to MyCreditUnion.gov and click on “Credit Union Locator.”…