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Credit Union vs Bank
What is the difference between a credit union and a bank?A bank is a financial institution that is chartered by the local state or the federal government. The bank takes deposits and makes loans, such as small business loans, home loans, HELOC, personal loans in an attempt to make a profit.
A credit union is considered a not-for-profit financial institution that is also chartered by the local state or federal government. The credit union is cooperativly owned and controlled by it's members in providing credit. Each credit union only provide service to it's own members that share something in common such as employment, community or organization.
Credit unions tend to have better rates for loans because of it's not-for-profit nature. They also may have less fees, especially for home loans.