Banks are for-profit, while Credit Unions are not-for-profit. Credit unions not-for-profit status means that their earnings are returned to members in the form of lower interest rates on loans and higher interest rates on savings accounts, focusing on the well-being of the members. Banks being for-profit, means that their primary role is to generate a profit for their shareholders.
Credit unions offer the same level of security for your money as banks but are more community-based than they are national. Individual member deposits are insured up to $250,000 by the National Credit Union Administration.
Credit unions offer the same level of security for your money as banks but are more community-based than they are national. Individual member deposits are insured up to $250,000 by the National Credit Union Administration.
Reviews (3)
Olivia A.
Jun 26, 2020
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Terrie Gerchak
Dec 10, 2019
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It was a pleasure doing business with Cleveland Selfreliance. As a Realtor who was on the listing side of the transaction, Yosyf of Cleveland Selfreliance worked well with me to ensure both our clients' needs and goals were met. It was very apparent that quality service is a priority for him. Can't thank him enough for working together on a successful completion of the transaction.
Sonya Express
Jun 09, 2017
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