Bank vs. Credit Union: What’s the Difference?

If you’ve ever wondered about the difference between a bank and a credit union, you’re not alone. While both offer similar financial services—like checking accounts, loans, and savings options—there are some key differences that can have a big impact on your money and your experience.

At Consumers Professional Credit Union, we believe in putting people before profits, and here’s how that sets us apart.

Ownership Structure

Banks are for-profit institutions owned by shareholders. Their goal is to generate profits for investors.

Credit Unions are not-for-profit cooperatives owned by their members—that means you! Earnings are returned to members in the form of lower loan rates, higher savings rates, and fewer fees.

Membership

Banks serve anyone in the general public.

Credit Unions serve members who share a common bond (like location, employer, or community group). At Consumers Professional Credit Union, becoming a member is easy and opens the door to personalized service and exclusive benefits.

Rates & Fees

Banks often charge higher fees and offer lower interest on savings.

Credit Unions typically offer lower fees, better rates on loans, and higher dividends on savings—because profits go back to the members, not shareholders.

Customer Service

Banks may offer nationwide convenience, but service can feel impersonal.

Credit Unions are known for community-focused, member-first service. We get to know you—and your financial goals—and work with you one-on-one.

Safety

Banks are insured by the FDIC (Federal Deposit Insurance Corporation).

Credit Unions are insured by the NCUA (National Credit Union Administration), offering the same level of protection—up to $250,000 per account.

The Bottom Line

If you're looking for a financial partner that’s rooted in your community, focused on your needs, and invested in your financial well-being, a credit union is a great choice.

We invite you to experience the Consumers Professional Credit Union difference—where you’re not just a customer, you’re a member-owner.