SOCCU

The primary difference between a credit union and a bank is that the depositors, usually called members, own the bank. Traditional banks are owned by financial corporations and their purpose is to turn a profit for investors. You already know where the profit has to come from... Credit unions are nonprofit. They must offer competitive rates and put value in service over profits. However, like any business, credit unions have overhead - employees, facilities, equipment, software systems, etc - and most of the profit they take in on loans and investments pays expenses... Explore SOCCU to find out the difference between a bank and a credit union