Credit unions vs banks: Does your community know the difference?

Credit unions are still misunderstood

More than 100 million Americans now do their banking at CUs. However, studies show that many people are still confused about what a credit unions vs. banks, and how CUs are both similar to – and different from – traditional banks. Make sure your community understands the following key features of your credit union:

Almost Anyone Can Join a Credit Union

Many people hear “credit union” and automatically think that they must belong to a specific company, union, group or organization to join one. While many CUs were originally established to provide services to a specific group, (such as the employees of a particular company), most CUs have expanded their eligibility to include nearly everyone in the community.

Banking at a Credit Union is Convenient, and Familiar

Credit unions can offer the same services as banks such as checking accounts, savings accounts, credit cards, personal loans, auto loans and more. And because CUs cooperate on shared branches and ATMs, members find convenient access to their accounts at locations all across the country. According to CUNA, CUs have more than 30,000 ATMs in place nationally, for instance.

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