General Question

Mtrencher's avatar

Difference between credit union and a bank?

Asked by Mtrencher (187 points ) February 6th, 2012

What is the difference?

Observing members: 0 Composing members: 0

6 Answers

marinelife's avatar

A credit union is a not-for-profit organization. The profits are returned to the members in the form of dividends.

jca's avatar

I am not sure if checks can be cashed at a credit union.

marinelife's avatar

@jca Yes, they can.

2davidc8's avatar

I am a member of a credit union. For all practical purposes, they offer the same services as a bank. For example, home and car loans, home equity loans, savings and checking accounts, credit cards, etc. These days, many credit unions have the advantage of lower fees. However, @marinelife, I’ve never received any dividends from my credit union.

YARNLADY's avatar

This is a best “Googled” question, unless you want to know our personal experience between the two.
See what ehow says about it, or Affinity Plus, a credit union.

MollyMcGuire's avatar

At a CU you are a member and in some you actually own shares. At a bank you are a customer.

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