Credit Union’s vs. Banks…what’s the difference?

[ 1 ] March 14, 2012 |

Every wonder why you are called a Member at a Credit Union and have Share Draft Accounts as opposed to having an account at a Bank and are just a Customer?

Membership at a credit union is usually associated with a ‘field of membership’ where you belong by being associated with a certain group or company.

Belonging to a credit union means when you deposit your money in, you are buying shares in the company and are essentially part owner in the business.  Since credit unions are not for profit they are able to use the money deposited for better rates on loans and savings. Credit Unions also create a sense of community and convenience for their members.

At IAACU we hope that we create a true sense of putting our member’s financial well-being at the forefront of all our employees’ minds when working with each member.   Going beyond member’s expectations, and creating value and trust is very important to us.  We want our members to feel important! 

Let us know if you have any stories of how your credit union has made a difference for you!

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Category: Money Tips

About the Author ()

Hello! I have been with IAACU since August of 2011. I am a Member Development Rep. You might have talked to me a few times on the phone or through e-mail.

Comments (1)

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  1. adrianjill says:

    Credit unions are non-profitable organization so they are able to use money deposited for better rates on loans and savings.Your post helped me make a quick decision to shift to credit union.

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