Credit Union vs Bank (FAQ)

When a checking or savings account is needed, many people automatically head to the nearest bank, not realizing that there are other, better financial institutions available in the form of credit unions. A credit union can do everything a bank does, while offering more personalized assistance and services that are designed to serve their individual communities.

Credit Unions vs Banks

When you open an account at a credit union, you receive a share, automatically become an investor as well as a member of your credit union. When the company makes a profit, the earnings are distributed to you and other members as investors or owners of the company.

At a bank, you are simply a customer lending your money to the financial institution so they in turn can turn around and loan your money to others.

Credit unions can serve their communities well because they only allow people who live, worship, or work in their specific area to become members. This exclusivity allows a credit union to tailor their services and promotions to the needs of their members.

On the other hand, a bank is open to the general public, which results in them catering to wealthier demographics and placing the highest priority on pleasing their shareholders.

Become a Member at Eastex!

Interested in becoming a member of Eastex Credit Union and enjoying our many benefits? Click Here to become a member.

 


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