Education Hub

What is a Credit Union?

A credit union is a financial cooperative that is owned and operated by its members. Credit unions offer a range of banking services, including checking and savings accounts, credit cards, loans, and online banking. In other words, credit unions are just like banks, but we’re not-for-profit. We honestly care about our members (customers).

Credit Unions Vs. Banks: Key Differences

Credit Unions

Banks

Not-for-profit cooperatives offer a full range of financial products and services to their members.

For-profit corporations offer a full range of financial products and services.

Earnings are returned to members through services like free ATMs, better rates, and lower fees.

Earnings go to outside stockholders in the form of dividends.

Insured through NCUA up to $250,000.

Insured by the FDIC up to $250,000.

Owners and members live and work in their local community. Credit Unions are democratically governed and elections are based on a one-member, one-vote philosophy.

Banks are governed by paid shareholders. Voting rights depend on the number of shares owned.

Credit Unions in Movies & TV

It’s a Wonderful Life (1946)
Baily Savings & Loan: This holiday classic revolves around a small-town bank that is essentially a stand-in for a credit union. George Bailey’s character learns about the power of community and mutual support, which reflects the values of credit unions.
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‍Breaking Bad (2008-2013)
The main character, Walter White, banks at a credit union, showing a more subtle yet realistic depiction of personal finance in the show. This choice highlights the accessibility and security that credit unions offer.

‍Warner Bros and First Entertainment Credit Union
Did you know that Warner Bros. founded First Entertainment Credit Union in 1967? Today, it’s a thriving institution with over $1.5 billion in assets and more than 85,000 members.

Common Myths Vs. Facts

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