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What differentiates credit unions from banks

  1. Credit unions offer a wider range of services than banks.
  2. Credit unions do not have the same profit motives that banks have.
  3. Joining a credit union has fewer requirements than joining a bank.
  4. Most banks are cooperative institutions, while credit unions are controlled by stockholders.

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2. Credit unions do not have the same profit motives that banks have.

Credit unions are member-owned, not-for-profit institutions that aim to serve their members rather than maximize profits, unlike banks which are for-profit institutions typically owned by shareholders.

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