How are credit unions different from the banks?
There are many differences between banks and credit unions. But the most important is that credit unions are democratically run by the people they serve – their members. Credit unions’ primary commitment is to serve their members’ financial needs, whereas banks and trust companies exist to earn dividends for shareholders.
There are many differences between banks and Credit Unions. The most important is that Credit Unions are democratically run by the people they serve – their members. A Credit Unions’ primary commitment is to serve their members financial needs, whereas banks and trust companies exist to earn dividends for shareholders.
The main difference between credit unions and banks or other financial institutions, is that on joining a credit union you become a Member. Membership has many benefits and entitles you to an equal say in the running of your credit union. You have the democratic right to vote at annual general meetings and participate in the election of the Board of Directors. On joining a credit union, you purchase one membership share (at Queensland Country this is $10). This share entitles you to an equal say in the future of the credit union and an equal ownership stake. Your membership share will be refunded if you decide to leave the credit union in the future. Each member has one vote, regardless of the amount of business he or she has with the credit union. And as a credit union member you are much more than a number. You are treated with dignity and respect, because you own part of your credit union. That’s the different kind of banking credit unions offer. A mutual company (e.g. a credit unio
