Credit Unions vs. Banks
What are the Key Differences?
Credit unions are not-for-profit institutions that provide financial services. Most credit unions offer the same types of services as banks, but with a very important difference: credit unions are owned by the people they serve, while banks are profit-driven and owned by shareholders. Credit unions offer lower loan rates and higher savings rates on average than banks—and save consumers billions of dollars each year. Credit unions are insured, closely regulated, and have operated in a very careful manner.

Credit Unions
  • Are not-for-profit institutions
  • Can serve only those individuals within their field of membership
  • Have members, each person who deposits money has a share of ownership
  • Members elect a volunteer Board of Directors to represent their interests
  • Democratically controlled by members
  • Are member service-driven
  • Return profits to members in the form of lower loan rates, higher savings rates and free or low cost services
  • Christian Community Credit Union is privately insured by ASI up to $250,000 per account 
  • Are profit-oriented institutions
  • Can serve anyone in the general public
  • Have customers with no ownership in the organization
  • Have a paid Board of Directors who represent the owners; customers do not have voting privileges
  • Controlled by stockholders and paid officials
  • Are profit-driven
  • Return profits to a small group of stockholders
  • Are federally insured by the Federal Deposit Insurance Corporation



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