Credit Union Difference
Credit unions have many of the same services
and products as banks BUT differ in key areas.
Credit unions are...
Banks are...
Not-for-profit
For-profit
Owned by members
Owned by shareholders
Profits go to members
via better interest rates
& free/low cost services
Profits given to
shareholders
Each member has an equal
share in the credit union
Customers have no right
of ownership
One vote per member
One vote per stock unit
Members elect a
volunteer board
Stakeholders select
a paid board
Checking/savings accounts,
loans, business lending,
CDs, IRAs, etc.
Checking/savings accounts,
loans, business lending,
CDs, IRAs, etc.
Insured by the NCUA
Insured by the FDIC
Credit Union Membership Makes Cents!
$142
Last year, Missouri
credit unions saved
their members MILLION
Missouri credit union members enjoy benefits like:
Smarter Auto Buying
Credit union members
saved an average of
1.12%
on 60-month,
new car loans.
Friendlier Mortgages
Credit union members
saved an average of
$210
on mortgage
closing costs.
More Savings Potential
On average, CU
members saved
13x
more on regular
savings accounts.*
*minimum balance of $1,000
Less Fees & Lower Costs
Credit union
members paid
28%
less in credit
card late fees.*
*on average, compared to bank customers
Source: CUNA, Missouri Membership Benefits Report, Year End 2016