Understanding the Most Important Differences Between a Credit Union and a Bank
Whether you look online or follow TV ads, you’ll find that banks usually have a lot more exposure and better marketing campaigns than most credit unions. Chances are that people you meet in your daily life will know a lot about certain banks that they’ve gotten their mortgages or deposit accounts from, rather than about the large credit unions that operate in their area. There is a good reason for all of that: credit unions are nonprofit, smaller financial institutions run by their own customers. While banks seek to gain profit through various means and even try to impose aggressive promotional campaigns to attract more clients for that purpose, credit unions rely on a tightly knit community where members of that particular community will learn about the union through other…