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Differences Between Banks and Credit Unions by Andrew Stratton





Differences Between Banks and Credit Unions by
Article Posted: 02/27/2014
Article Views: 100
Articles Written: 5522
Word Count: 489
Article Votes: 0
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Differences Between Banks and Credit Unions


 
Business
Most people don't notice the differences between banks and credit unions. However, as an educated client looking for great deals, you must know how the two institutions differ.

Credit unions are owned by the customers or members. This is different than banks where the customers are just that, customers. These institutions are owned by shareholders who expect a good financial performance from the management every year.

Credit unions are nonprofit firms that endeavor for good services over profits. This does not mean that credit unions are charity organizations. These organizations must compete with other institutions, make sound financial decisions, collect incomes, and also pay salaries to the employees.

Who has the time to run a credit union if all the members own it? The personnel employed in credit unions are just like those of banks. Even some of the educational qualifications of the staff of the two organizations match. The upper management has a board of directors who make decisions on operations. This board is made up of selected volunteers. In most cases, however, these professionals don't work for a salary - rather, they are union members who want to have control on how the place is run.

What does it take to be a member of a credit union? The answer is not definite, as this depends on your particular credit union. Some credit unions have the goal of limiting their offering to individuals who have a common bond. The bond may be a workplace, religion, or geographical community, among others. These unions can't simply offer their services to any person that has a wallet. If a credit union does not take the factor of a common bond in their operations, it risks losing the status of a credit union.

Credit unions, in their simplest form, collect money from the members, and loan the same to other members. Typically, these unions will offer the same services and products as larger financial institutions. However, some unions will find it unnecessary to offer every product and service out there. The reason for this is that some credit unions don't have a lot of volume of work and profits, and can't afford to have loss-leaders or products that get clients in the door. The unions are more likely to offer services that only a majority of the members are likely to use.

There's no disputing the fact that some credit unions give banks a run for their money when it comes to competition. Since these unions mostly focus on service delivery over profits, the rates for members are definitely better.

The deposits within credit unions are insured, much like banks. However, the quality of the insurance is the same. So, members of a credit union are sure that their investment is safe and protected by the law.

Are you looking for alternatives to banks in saginaw mi? Credit unions could answer you needs, for more information visit https://www.wildfirecu.org.

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