Differences Between Banks and Credit Unions
Credit unions may not be as popular as the big banks, but they are still a good place to put your money. Of course, both institutions have their pros and cons, and this infographic shows the main differences.
The biggest difference between a credit union and a bank is how they own and operate. Credit unions are non-profit organizations and banks clearly want to make money. When you use a credit union, you become a member and co-owner of it. This essentially means that you can vote on the Board of Directors.
Of course, this does not mean that you should definitely go to a credit union . Banks have their advantages, for example, they are generally more convenient. These are the choices you must make based on your situation, but if you’re curious about the main differences, GoBankingRates simply lays out them in the infographic below. Check it out and then follow the link below for more information.
What is the difference between banks and credit unions? (Infographics) | GOBankingRates