Do YOU know the difference between a credit union and a bank? International Credit Union Day

October 15, 2015 by
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Disclosure: Thank you to Louisiana Credit Union League for Sponsoring this post.
Did you know that today is International Credit Union Day? I didn’t…until recently.
A lot of people think Credit Unions are just another kind of bank, but that isn’t the case. Credit Unions are actually member-owned financial co-operatives. Credit Unions are members of our local community, and work very differently than the large banks you might be familiar with. When you open your credit union account you become a partial owner and participate in your credit union’s profitability.  In 2014 alone, Louisiana credit unions provided more than 282,000 consumer loans and over $180 million in business loans.
I’ve been a member of a credit union since my early 20’s and have loved the community feel and the benefits it brings.
You can learn more about credit unions by reading the infographic below, and then click on through to ASmarterChoice.org to find a Credit Union near you.
Difference between credit union and bank
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Filed Under: finances
About Amy @ Oh So Savvy Mom

Amy is mom to three, wife to one, and a sister and aunt to many. Her family is a former military family now settled in Lehi, Utah. Oh So Savvy Mom began as a way for Amy to share parenting and product advice with others. Just as she has evolved, Oh So Savvy Mom has evolved into a resource for Healthy Living for Families, Food, Parenting, and Family Travel.

Comments

  1. susan says
    October 21, 2015 at 8:14 am
    This is some great information. I have to admit I really never knew the difference, this is pretty interesting!
  2. diane says
    October 21, 2015 at 10:31 am
    My husband and I have been using a credit union for 15 years since there is one at his work place. We have had great experiences with them!
  3. Kristin says
    October 21, 2015 at 11:55 am
    Thanks for clearing this up! I actually never knew there was a difference between banks and credit unions! Good to know, for our finances. It just makes more sense to use a credit union.
  4. Allie D. says
    October 21, 2015 at 11:55 am
    I didn't know much between a bank and a credit union. I'm going to have to look more into credit unions near us.
  5. valmg @ Mom Knows It All says
    October 21, 2015 at 12:25 pm
    My Mom does much of her financial business with a credit union. It saved her a lot of money when she needed a car loan.
  6. Hazel Owens says
    March 11, 2016 at 11:17 am
    I've heard a lot about the benefits of credit unions over banks, and I am being increasingly tempted to switch. I hadn't known that credit unions are non-profit, but that means that they need to be emphasized on the participants. I do travel a decent amount though, and I don't want to be limited to a specific place with a credit union. I'll have to weigh the pros and cons, but credit unions do offer a lot of benefits I like. Thanks for the article.