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Credit Unions vs. Banks: What’s really the difference?

Credit Unions vs. Banks: What’s really the difference?

We’re often asked what makes a credit union different from a bank. We like to think beyond that; what makes Great Basin different from any other financial institution? Probably the best word to sum up your experience with Great Basin would be “community.” Or, perhaps even family. Because we tend to think of our members as part of our ever-growing family. We are people helping people. The employees and the volunteers have the best interest of our membership in mind, always. Not to mention, you’re the owners – we work for you!

There are a lot of subtle differences between credit unions and banks. We’ll list a few here, but we could probably start another website to explain them all. (One of our partners actually did write a blog about it for us.) Suffice it to say, choosing a credit union over a bank says a lot about who you are and how you feel about your money. To us, a lot of banks are simply about transactions and getting business done. While at Great Basin, we see our members as people we can help through every financial period of their life—from first checking account to planning for retirement.

To us, it’s more about helping than simply transacting business. And we’re honored when you choose us, boss.

  CREDIT UNIONS BANKS
Purpose For people, not profit For profit
Ownership Members share ownership Customers with no ownership
Decision Democratically controlled by Members Controlled by paid officials
Service Service driven Profit driven
Profits Return profits to Members in the form of better rates,
low or no fees, and new services & products
Return profits to stockholders
Insurance Federally insured by NCUA Federally insured by FDIC

 

Show Your Support

Feeling the love for your credit union? Well, the #1 way to show your support for credit unions is to spread the word to your friends and family. We offer some fun perks through our refer-a-friend programs. Plus, you’ll have peace of mind knowing that they’ll soon know what it feels like to belong! As a cooperative, we all benefit together.

If you feel as strongly about support for credit unions as we do, you can sign up to receive email alerts from Connect for the Cause when there is an issue we need to rally behind (it only takes a minute). They don’t come about often, but when they do, every voice matters to help protect the credit union choice that is so important to you, to your family and to your local community.

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