As you contemplate moving beyond your piggy bank, the two types of financial institutions that you’re most likely to deal with are banks and credit unions. Their products and services are about the same, but their values and motivations are very different. Learn how.
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HOW DO CREDIT UNIONS DIFFER FROM BANKS?
Credit unions and banks both offer financial services, but there is one key difference: ownership. Credit unions are not-for-profit financial cooperatives owned by their members, while banks are for-profit institutions owned by shareholders.
As a member-owner of First Credit Union, you benefit when we succeed. Instead of generating profits for shareholders, we reinvest earnings into more competitive rates, lower service charges, personalized service, and products designed to help our members reach their financial goals.
WHAT ARE SOME ADVANTAGES OF BEING A MEMBER OF A CREDIT UNION?
Credit union membership comes with valuable benefits, including lower service charges, competitive loan rates, potentially higher earnings on savings, personalized attention, free financial education, and other member-focused advantages.
IS MY MONEY INSURED?
Yes, deposits are insured by the National Credit Union Association (NCUA) for up to $250,000. You can use the NCUA’s Share Insurance Estimator to estimate how much coverage you have for your account(s).
HOW DOES NCUA INSURANCE COMPARE TO FDIC INSURANCE?
The FDIC insures deposits in banks, while credit unions like ours are covered by the NCUA. The NCUA provides the same level of protection for your deposits, ensuring that your money remains secure.
