How is a credit union different from a bank?
Banks are for-profit companies that exist to generate high levels of profit for their stockholders. Bank stockholders elect a paid board of directors to run the bank and to financially benefit stockholders, not the bank s depositors. On the other hand, credit unions are not-for-profit organizations that were founded on the idea that through a cooperative financial effort, individuals sharing common bonds could benefit. Credit unions are member owned and exist to serve and educate their members, who are their depositors, and to promote thrift. The members elect an unpaid board of directors to run their credit union for the financial benefit of all members who are the depositors and borrowers.
