Banks versus Credit Unions, what’s the difference?
While both are financial institutions, banks are for-profit and credit unions are not-for-profit.
But what does that mean?
All companies need to turn a profit to keep in business, but what they do with that profit is where the difference is.
(Your Interests in Mind. Credit Union of Denver is a member-focused environment, where we believe in “People Helping People”)
Banks have stockholders that are paid dividends based on the profits generated.
Credit unions have member-owners that reap the benefits of the profits generated by way of lower rates on loans, higher rates on savings and fewer fees!
Both stockholders and member-owners have the right to vote for who’s running the business.
(Feel Empowered. Credit Union of Denver members have a shared ownership that comes with voting rights)
Credit unions have elected volunteers that keep the member’s best interests at heart and the business on track.
At both places your money is federally insured.
(Your deposits are insured for at least $250,000)
Credit unions work cooperatively to provide nationwide access for members to transact on their accounts free of charge.
(Members have access to over 6,000 branches coast to coast)
Together credit unions have more locations thank banks!
Credit unions are building better communities by keeping your money local.
They are built on the philosophy of “People Helping People.”