A Bank or Credit Union

Looking for a good financial institution was very tough twenty years ago. Most people got very frustrated because they just had two choices a Bank A or Bank B. Nowadays, there are more options available for the public when it comes to choosing a financial institution, from a large bank to a credit union. But one must know the difference between the two, before a decision can/should be made.
To start, anyone can join a bank; they are there to serve the general public. With a credit union on the other hand you must be able to join. This membership criterion is defined by the credit union’s charter while credit unions exist solely to serve their member owners. When you join a credit union, you become a member-owner. And, every member has the same voting rights to make decisions for the institution as a whole. Voting rights exist for each member. Therefore, members elect other members to lead their credit union. With a bank, only those who purchase share of the bank own the business. A board of Directors makes all the decisions for the bank. Only people who own stock can vote for the Board of Directions. Normal customers don’t have a say in just about everything a bank does.
Next, banks worry about their shareholders first. Decisions are based on what will give shareholders the most profit. Credit Unions are not for profit, not for charity but for service. Without the traditional profit motive, credit union’s make decisions based on