There has already 650,000 people that have realized their desire to be part of a credit union rather than a bank – in just the last 4 weeks! This, according to Credit Union National Association. This was weeks leading up to the talked about Bank Transfer Day which as received 85K likes on FB alone. Big Banks have stirred Big Anger among the people. The “bailout” on the tab of The People, the increased fees, the lack of support in troubled times. As people run from the big banks, toward small banks and credit unions, let’s quickly compare banks vs. credit unions, as described at BECU:
Credit Unions are Not-for Profit while Banks are For-Profit. This means Credit unions return earnings to members in the form of higher rates on savings, low-to-no fees and lower loan rates—banks exist to earn a profit for stockholders or bank holding companies.
Credit Unions are owned by members while banks are owned by stockholders. This means Credit unions are not-for-profit and owned by the very people we serve, members just like you. We exist solely to serve our members, not to enrich a group of stockholders.
Credit Unions are financial cooperatives rather than corporate businesses. This means most credit unions work together in a cooperative network that gives members free access to over 28,000 ATMs, along with access to branch locations nationwide. Whereas, banks mainly operate independently and customers must use their branches and ATMs or pay.
Credit Unions have a democratically elected board of directors whereas banks have paid board of directors. This means Credit unions are run by a volunteer board of directors, who are elected by members. Every member has an equal vote in director elections. Credit unions are democracy in action.
With no outside stockholders to pay, extra earnings are returned to our members in the form of great rates, fewer fees, and a full range of financial services—from home equity loans to IRAs with terms you choose, and budgeting seminars to investment planning.
Credit Unions are about people helping people. I have already been banking at BECU for some time, so I do not need to weigh whether it is better. For me, it is. If you are fed up, ready for change, ready to move your money to a credit union – then start at www.BECU.org There is a large network of credit unions to choose from – just search for your location.