{"id":103116,"date":"2022-05-23T07:59:19","date_gmt":"2022-05-23T11:59:19","guid":{"rendered":"https:\/\/www.onboardmeetings.com\/?p=103116"},"modified":"2023-08-14T11:49:53","modified_gmt":"2023-08-14T15:49:53","slug":"credit-unions-vs-banks","status":"publish","type":"post","link":"https:\/\/www.onboardmeetings.com\/blog\/credit-unions-vs-banks\/","title":{"rendered":"Credit Unions vs. Banks: What\u2019s the Difference?"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"103116\" class=\"elementor elementor-103116\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-363459d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"363459d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-682f3d0\" data-id=\"682f3d0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-23d890f elementor-widget elementor-widget-heading\" data-id=\"23d890f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\"><i>What are the key differences between credit unions vs. banks? Savvy consumers know credit unions operate as nonprofits. Learn the pros and cons of each option.<\/i><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-769b727 elementor-widget elementor-widget-text-editor\" data-id=\"769b727\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400\">Looking to open a checking account or apply for a loan? You likely see commercials and billboards for a plethora of financial institutions, but it proves difficult to choose which one to entrust with your financial needs. One of the first decisions to make is whether to go with a <\/span><a href=index-1670.html><span style=\"font-weight: 400\">credit union<\/span><\/a><span style=\"font-weight: 400\"> or a bank. <strong>Learn the key differences between banks and credit unions to decide what\u2019s right for you.\u00a0<\/strong><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6db9487 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6db9487\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f4b04e\" data-id=\"6f4b04e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-db6f9cf elementor-widget elementor-widget-spacer\" data-id=\"db6f9cf\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca976ff elementor-widget elementor-widget-heading\" data-id=\"ca976ff\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Differences Between Banks and Credit Unions<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f85ff2d elementor-widget elementor-widget-text-editor\" data-id=\"f85ff2d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The primary difference between banks and credit unions is that banks are for-profit and credit unions are nonprofit organizations. Each comes with unique benefits and challenges, which we\u2019ll outline below.<\/span><\/p><h3><strong>Banks: Pros &amp; Cons<\/strong><\/h3><p><span style=\"font-weight: 400;\">Since the majority of banks have been in business longer than credit unions, consumers may perceive them as more trustworthy. But that\u2019s not a reason to choose a bank. Check out these pros and cons.<\/span><\/p><ul><li style=\"font-weight: 400;\"><b>Pro<\/b><span style=\"font-weight: 400;\">:<\/span> <span style=\"font-weight: 400;\">Wider branch availability.<\/span><\/li><li style=\"font-weight: 400;\"><b>Pro<\/b><span style=\"font-weight: 400;\">:<\/span> <span style=\"font-weight: 400;\">More personal and commercial products, such as business loans, IRAs, and money marketing accounts.<\/span><\/li><li style=\"font-weight: 400;\"><b>Pro<\/b><span style=\"font-weight: 400;\">: Better technology features for mobile banking.<\/span><\/li><li style=\"font-weight: 400;\"><b>Con<\/b><span style=\"font-weight: 400;\">: Higher banking fees.<\/span><\/li><li style=\"font-weight: 400;\"><b>Con<\/b><span style=\"font-weight: 400;\">: Higher interest rates on loans.<\/span><\/li><li style=\"font-weight: 400;\"><b>Con<\/b><span style=\"font-weight: 400;\">: Lower interest rates for savings.\u00a0<\/span><\/li><\/ul><h3><strong>Credit Unions: Pros &amp; Cons<\/strong><\/h3><p><span style=\"font-weight: 400;\">Looking to bank with a smaller, nonprofit institution? Read on for the pros and cons of credit unions.<\/span><\/p><ul><li style=\"font-weight: 400;\"><b>Pro<\/b><span style=\"font-weight: 400;\">: More personalized customer service.<\/span><\/li><li style=\"font-weight: 400;\"><b>Pro<\/b><span style=\"font-weight: 400;\">: Lower loan interest rates.<\/span><\/li><li style=\"font-weight: 400;\"><b>Pro<\/b><span style=\"font-weight: 400;\">: Higher interest rates earned on savings accounts.<\/span><\/li><li style=\"font-weight: 400;\"><b>Con<\/b><span style=\"font-weight: 400;\">: More eligibility requirements to bank there.<\/span><\/li><li style=\"font-weight: 400;\"><b>Con<\/b><span style=\"font-weight: 400;\">: Fewer branches and ATMS.<\/span><\/li><li style=\"font-weight: 400;\"><b>Con<\/b><span style=\"font-weight: 400;\">: Fewer product offerings.<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-083ed25 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"083ed25\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3ec8232\" data-id=\"3ec8232\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-36aa0e2 elementor-widget elementor-widget-spacer\" data-id=\"36aa0e2\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b324996 elementor-widget elementor-widget-heading\" data-id=\"b324996\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Similarities Between Banks and Credit Unions<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5cd4c7a elementor-widget elementor-widget-text-editor\" data-id=\"5cd4c7a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400\">While we highlighted the differences between banks and credit unions above, they have some similarities worth reviewing.<\/span><\/p><p><b>Insurance<\/b><span style=\"font-weight: 400\">: While the insurance comes from different sources, credit unions and banks both insure your accounts up to $250,000. The Federal Deposit Insurance Corporation (FDIC) provides insurance to banks, while the National Credit Union Administration (NCUA) insures credit unions.<\/span><\/p><p><b>ATM Availability<\/b><span style=\"font-weight: 400\">: While banks typically offer more ATMs, some credit unions belong to cooperative networks to allow you to bank at other credit union ATMs. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bac7352 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bac7352\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6a95480\" data-id=\"6a95480\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f3ebfac elementor-widget elementor-widget-spacer\" data-id=\"f3ebfac\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c22d1ce elementor-widget elementor-widget-heading\" data-id=\"c22d1ce\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Board Professionals Rely on OnBoard\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-861f393 elementor-widget elementor-widget-text-editor\" data-id=\"861f393\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400\">Today&#8217;s consumers have an important choice to make when choosing between a bank or credit union. Before applying for a new account, weigh the pros and cons of credit unions vs. banks carefully.\u00a0<\/span><\/p><p><span style=\"font-weight: 400\">Since credit unions operate as nonprofits, they have a <\/span><a href=index-1671.html><span style=\"font-weight: 400\">nonprofit board of directors<\/span><\/a><span style=\"font-weight: 400\"> responsible for providing general direction to the credit union and representing the best interests of its members. A very important role requires the best tools, and hundreds of credit unions <\/span><a href=index-1672.html><span style=\"font-weight: 400\">trust OnBoard with their boardroom needs<\/span><\/a><span style=\"font-weight: 400\">.\u00a0 <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec4d6e0 elementor-widget elementor-widget-shortcode\" data-id=\"ec4d6e0\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\t\t<div data-elementor-type=\"page\" data-elementor-id=\"129555\" class=\"elementor elementor-129555\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4385707 e-flex e-con-boxed e-con e-parent\" data-id=\"4385707\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-dd7d874 e-flex e-con-boxed e-con e-parent\" data-id=\"dd7d874\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;background_motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;background_motion_fx_translateY_effect&quot;:&quot;yes&quot;,&quot;background_motion_fx_translateY_direction&quot;:&quot;negative&quot;,&quot;background_motion_fx_translateY_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:1,&quot;sizes&quot;:[]},&quot;background_motion_fx_translateY_affectedRange&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:50}},&quot;background_motion_fx_translateX_effect&quot;:&quot;yes&quot;,&quot;background_motion_fx_translateX_direction&quot;:&quot;negative&quot;,&quot;background_motion_fx_translateX_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:1,&quot;sizes&quot;:[]},&quot;background_motion_fx_translateX_affectedRange&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:80}},&quot;background_motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-28c79b6 elementor-widget elementor-widget-heading\" data-id=\"28c79b6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Free Tool<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3c0d879 elementor-widget elementor-widget-heading\" data-id=\"3c0d879\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\"><a href=index-504.html>Minutes Template<\/a><\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0dd3226 elementor-widget elementor-widget-heading\" data-id=\"0dd3226\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Efficiently track and document board decisions with our Meeting Minutes Template<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5748ee1 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"5748ee1\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=index-1673.html>\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">FREE TEMPLATE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cd8d115 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cd8d115\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-438b8c2\" data-id=\"438b8c2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-54cdcbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"54cdcbb\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a77c776 elementor-widget elementor-widget-text-editor\" data-id=\"a77c776\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Ready to empower your credit union board of directors? <a href=index-1674.html>Contact Onboard<\/a> or <a href=index-1525.html>request a free trial<\/a> today.\u00a0<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>What are the key differences between credit unions vs. banks? Savvy consumers know credit unions are nonprofits. Learn pros and cons of both.<\/p>\n","protected":false},"author":3163,"featured_media":103174,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"Credit Unions vs. Banks: What\u2019s the Difference?","_seopress_titles_desc":"What are the key differences between credit unions vs. banks? Savvy consumers know credit unions are nonprofits. Learn pros and cons of both.","_seopress_robots_index":"","_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[4062],"tags":[],"post_folder":[],"acf":[],"modified_by":"Adam Wire","_links":{"self":[{"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/posts\/103116"}],"collection":[{"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/users\/3163"}],"replies":[{"embeddable":true,"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/comments?post=103116"}],"version-history":[{"count":0,"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/posts\/103116\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/media\/103174"}],"wp:attachment":[{"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/media?parent=103116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/categories?post=103116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/tags?post=103116"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/www.onboardmeetings.com\/wp-json\/wp\/v2\/post_folder?post=103116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}