The motivations are completely different. Banks aren't "bad" per se. But their motivation—their very reason for being—is so different from that of a credit union. Banks exist to make a profit from their customers. At the end of the day, they need to return money to their owners or shareholders. Credit unions are the opposite. Members are the owners—so everything a credit union does is for its members. Members put their savings into the credit union, where they are lent to other members, lifting all. Credit unions offer good rates and low fees, but even more importantly, they care for each and every member, and go above and beyond to help them. They care for members with plenty of money and they care even more for members who are struggling. Your credit union wants you to succeed, no matter who you are - the credit union difference.
Written by: FRB Federal Credit Union