Personal Finance

Credit Union vs. Banks

A credit union is very similar to a traditional bank – it provides loans and other financial services (checking, savings accounts, mortgages, credit cards) to its customers. Another commonality is that credit unions’ customers deposits are federally insured $250,000 per depositor. But that’s about where the similarities end. Benefits of Credit Unions While most banks are owned by shareholders and are typically for-profit organizations; credit unions on the other hand are non-profit and typically owned by their members. Since credit union members own the credit union, they get…

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